Economy

When President Trump told Walmart to “EAT THE TARIFFS,” he implied that to not do so was a profit-mongering conspiracy against the American people. He noted Walmart’s extensive trade relationships with China and its large profit margin. But Walmart maintained that tariffs made price rises unavoidable. And when Amazon flirted with noting on some of its products the precise amount of cost increases attributable to tariffs, Trump called Jeff Bezos to complain and Amazon backed away from its plan. After observing Trump’s hostility to Walmart and Amazon, Home Depot took a different approach and asked: what trade war? Unlike numerous major American corporations, Home Depot has not rescinded its 2025 guidance for investors because of the uncertainty from tariffs.

I first met sex guru Nicole Daedone three years ago when she was performing orgasmic meditation on a colleague from her sexual wellness start-up, OneTaste. Daedone, was delicately touching Rachel Cherwitz, her head of sales, giving her multiple, and very vocal, sexual highs – for 15 straight minutes – in front of more than 100 riveted people in a studio in Manhattan’s Meatpacking district at 7pm on a weeknight. Naked from the waist down, Cherwitz was lying on a raised table with her legs open towards the audience. Cameras and microphones catching her every reaction. The crowd was that archetypal New York mix of wealthy investors, impeccably dressed-for-business single women, and the orgasm-curious of all ages.

Is life worse today than it was 50 years ago? According to a Pew Research survey, 58 percent of respondents believe it is. Perhaps watching the doom and gloom of the nightly news gives the impression that times have never been worse. But the facts show otherwise.The world has never been richer, food has never been more abundant, and extreme poverty is at historic lows. We are fortunate to live in a country where the people have a strong work ethic and control a vast, resource-rich territory. Yet, even with those advantages, we rely on trade to access goods that America simply does not produce in abundance, like coffee and bananas. Perhaps we should ask a more nuanced question: is international trade good or bad?

When politicians run out of solutions, they start offering symbolism – and this year, that symbolism comes in the form of a check. Representative Summer Lee’s “Reparations Now” resolution calls for trillions of dollars in payments to black Americans as compensation for slavery and its aftershocks. As a black man in America, this issue cuts close to home. My grandparents came from South Georgia, and their grandparents were born into slavery. That blood runs through me. The pain, the endurance, the quiet strength – it’s part of my inheritance. If reparations were handed out, I’d be one of the people eligible to receive them. But I couldn’t take the check in good conscience.

By one recent estimate, Trump’s foray into crypto has made his family almost $3 billion in six months and now accounts for up to 40 percent of his wealth.At the same time, his administration has been quietly dismantling guardrails around the crypto industry. Trump has slashed funding for key Treasury initiatives, scrapped proposed anti-fraud rules, and even pardoned crypto felons. Much of the hype – and money – comes from $TRUMP and $MELANIA, two so-called meme coins: cryptocurrencies driven by branding, jokes, or online fandom rather than real-world use. Yet despite having little practical function, the pair has already generated over $140 million in trading volume in just four months.

The White House press conference between President Trump and newly-elected Canadian Prime Minister Mark Carney shows that every generation gets the summit it deserves. World War Two had Yalta, the 1970s the Camp David Accords. Barack Obama had a beer with the cop who arrested Henry Louis Gates, Jr. And Trump bragged about the new 24-karat White House gold décor and said, about Canada, “I think we have a lot of things in common.” The half-hour press scrum veered between mutual respect and Trumpian disdain, while Carney struggled to get a word in, flopping his hands in his lap like fish on a deck. He called Trump a “transformational President” and said, “We’re stronger when we’re together.” Trump said, “I have a lot of respect for this man.

How was your Liberation Month? It’s been almost 30 days since Donald Trump stood in the Rose Garden of the White House and announced a shocking set of massive tariffs on the world. The event caused huge convulsions in the economic universe: trillions were wiped off the stock market and, under huge pressure, Trump did agree to a 90-day pause on reciprocal tariffs. After that he exempted electrical goods, though his standard 10 percent remains, and the heads of most financial analysts are still spinning trying to figure out what it all means. Yet for all the angst and the apoplexy, yesterday the S&P 500 index closed just 1 percent down from where it was at the beginning of the month.

With Treasury Secretary Scott Bessent announcing that a trade deal between the US and India could be imminent, it once again raises the possibility that Trump’s intended outcome is not the imposition of high, permanent tariffs – but that the measures announced on “Liberation Day” were really just shock therapy aimed at the ultimate liberalization of trade. It is significant that India was one of the countries which were originally put down for some of the higher tariffs: 26 percent was going to be the blanket rate on imports from India. South Korea, another country with which trade deal negotiations seem to be in an advanced state, was going to be subject to 25 percent tariffs.

The following is a transcript of a speech delivered yesterday by the Treasury Secretary Scott Bessent. In the final months of World War Two, Western leaders convened the greatest economic minds of their generation. Their task? To build a new financial system.  At a quiet resort high up in the mountains of New Hampshire, they laid the foundation for Pax Americana.  The architects of Bretton Woods recognized that a global economy required global coordination. To encourage that coordination, they created the IMF and the World Bank.   These twin institutions were born after a period of intense geopolitical and economic volatility.

What are we to make of an America in which David Brooks, the mild-mannered moderate of the New York Times opinion pages, calls for a “comprehensive national civic uprising” to fight back against the tyranny of President Donald Trump? It’s one in which the traditional thinking about how the Democratic party can wield power has been crushed to dust. It’s one in which voters, disillusioned by repeat defeats to Trump, have felt their hopelessness turn to rage. Moderates, such as Kamala Harris, are not channeling that fury.

Another Tax Day has come and gone. Here I sit, all broken-hearted. The tax-industrial complex has once again swallowed up thousands of dollars that used to be mine. But this year, I found myself legitimately wondering: could this be the last time I ever have to pay my taxes?  One of the major pillars of President Trump’s economic platform is the abolition of income tax for all Americans who make less than $150,000 a year. This sounds like a fantasy, an empty chicken-in-every-pot promise, like a student council candidate winking after saying, “If you elect me, I’ll make sure we have soda in the drinking fountains.” But if Trump 2.0 has shown anything this year, it’s a willingness to set into motion seemingly impossible plans.

They never learn, the libs. Back in 2016, they provided hours of entertainment assuring themselves that Donald Trump would “never be president” (“take it to the bank,” said Nancy Pelosi, who in another galaxy, long, long ago was speaker of the House). Patriotic citizens, eager to instruct the public about the dialectic of hubris and nemesis, stitched together many joyful compilations of Hollywood celebrities, ditto-head news readers and Democratic politicians intoning that party line.  Then, after the impossible mutated into the inevitable and Trump was elected, the narrative shifted to “the walls are closing in on Donald Trump.” If it wasn’t Russia, Russia, Russia it was Stormy Daniels, putatively shady business deals or putative efforts at insurrection.

“THIS IS A GREAT TIME TO BUY!!!” President Donald Trump wrote on his Truth Social account yesterday morning. With trillions of dollars wiped off stock market value since his tariff announcements last week, this appeared to be an attempt to manufacture a silver lining. It also happened to be a literal statement. Within a few hours, the stock market was surging as Trump announced a 90-day pause on the higher “reciprocal” tariffs for most countries, while hiking the tariff on Chinese goods to 125 percent. Was this careless? Intentional? Insider trading? According to the White House, it had been the strategy all along. The President told reporters it had been “the biggest day in financial history.” Speaking to his aides beforehand, Trump noted the market was rallying.