Tariffs, Decline, and the Promise of AI | A Conversation with Larry Summers and Niall Ferguson

Tariffs are a bad policy based on a misunderstanding of economics. Even if you have a protectionist mindset, Trump’s tariffs make no sense because they don’t focus on tariffs goods that we could produce and provide our consumers; they focus on inputs to things we want to produce like steel, aluminum, and autoparts. Many more people use steel and aluminum that produce it. This makes tariffs bad before we even consider retaliatory tariffs from other countries.

The uncertainty of what tariffs will look like prevents businesses from investing and consumers from making large decisions, causing further damage.

https://www.youtube.com/watch?v=Sy-fn5MWFIk

More than 300 student visas revoked as the government expands reasons for deportation

One of America’s powers is taking smart people from other countries and using their energies and insights. Trump is dampening that power.

“Kseniia Petrova’s path from a Harvard laboratory to an immigration cell began with frogs.
The Russian national who has been working as a researcher at Harvard Medical School failed to declare “non-hazardous” frog embryos she was carrying with her on her return to the US from France in February, Petrova’s attorney said. Rather than issue a fine, Petrova’s exchange visitor visa was revoked, and she was taken into custody.

Revoking Petrova’s visa was “a punishment grossly disproportionate to the situation,” her attorney, Greg Romanovsky, said, calling the error on the customs form “inadvertant.””

“an increasing number of student deportation threats involve the revocation of visas based on relatively minor offenses like years-old misdemeanors, according to immigration attorneys, or sometimes no reason at all.”

https://www.yahoo.com/news/more-250-student-visas-revoked-175350548.html

Stock market today: Nasdaq falls 6%, Dow loses 1,700 points, S&P 500 drops 5% as markets crumble with Trump’s tariff war turning to China

“”The trade war is now turning into a direct confrontation between the US and China … we could again be seeing escalation and de-escalation at the same time, pulling markets in different directions,” Rabobank analysts said.

And though a wider trade war is on hiatus, risks remain to the health of the US economy, and Trump’s move is “merely the end of the beginning,” according to JPMorgan.

Other parts of the president’s trade-policy overhaul are still in effect, including a 10% baseline tariff on most trading partners, 25% duties on steel and aluminum imports, and 25% duties on auto imports. Those elements could still lead to consequences analysts have warned about, such as rising prices and slower economic growth.”

https://finance.yahoo.com/news/live/stock-market-today-dow-tanks-1300-points-sp-500-nasdaq-slide-as-focus-turns-to-trump-tariffs-on-china-133050269.html

Egg prices increase to record high despite Trump’s predictions and bird flu outbreak slowing

“U.S. egg prices increased again last month to reach a new record-high of $6.23 per dozen despite President Donald Trump’s predictions, a drop in wholesale prices and no egg farms having bird flu outbreaks.”

https://finance.yahoo.com/news/egg-prices-continue-increase-despite-124116007.html

International travel is declining, and it’s costing the US: ‘It’s shaking everything up’

“Amid recent travel advisories warning those coming to the U.S. plus strengthened immigration enforcement, many international travelers are starting to turn away from the U.S. as a destination. Between January and March 2025, foreign arrivals dropped by around 4.4% from those first three months last year, according to data from the National Travel and Tourism Office. In a March year-over-year comparison, that reduction doubles to almost 10%.”

“Some fear for their safety over what could happen when trying to enter the nation’s borders. Others are angered at recent policies, like the trade wars, and rhetoric, refusing to spend their dollars in the U.S. A decline in overseas visitors could have significant long-term consequences for the economy, with travel and tourism one of the country’s leading industries, contributing 2.5% to the GDP”

https://www.yahoo.com/news/international-travel-declining-costing-us-090543078.html

Trump moves to hobble major US climate change study

“The Trump administration is canceling funding for the U.S. Global Change Research Program, the entity that produces the federal government’s signature climate change study, according to three federal officials familiar with the move.

The move, which had been widely expected, is a potentially fatal blow to the National Climate Assessment, the study that Congress mandated under the Global Change Research Act of 1990 be issued every four years to ensure the government understands the threats that rising temperatures pose and what is driving climate changes. The report is the U.S. government’s most comprehensive look at climate change and serves as a crucial guide to state and community efforts to prepare for the effects.”

https://www.politico.com/news/2025/04/09/trump-moves-to-hobble-major-climate-study-00280405

Trump tells countries to ax talks on shipping carbon tax, or else

“The Trump administration has upended what it calls “blatantly unfair” talks to set a carbon tax on international shipping and has vowed “reciprocal measures” to shield U.S. ships from any fees, according to a letter seen by POLITICO.

The International Maritime Organization’s Maritime Environmental Protection Conference (MEPC) is taking place in London this week and aims to reach a deal on reducing greenhouse gas emissions (GHG) from shipping.

The U.S. letter aims to block the process.”

https://www.politico.eu/article/donald-trump-scrap-maritime-decarbonization-talks/

Trump declares war on state climate laws

“President Donald Trump is throwing the weight of the Justice Department against the last bastion of U.S. climate action: states and cities.
In a sweeping executive order signed late Tuesday, Trump ordered Attorney General Pam Bondi to “stop the enforcement of State laws” on climate change that the administration says are unconstitutional, unenforceable or preempted by federal laws.”

“The move came as Trump presided over a White House event Tuesday aimed at reviving the coal industry, which has withered against competition from less expensive natural gas and renewables.

He pledged to a row of coal miners standing behind him that he’d direct the Department of Justice to “identify and fight every single unconstitutional state or legal regulation that’s putting our coal miners out of business.”

Some legal experts said the White House’s executive order would be “toothless,” though climate advocates worry about gambling with a judiciary dominated by conservative appointees. And in a statement, Democratic governors said Trump would not intimidate them from climate action.”

https://www.politico.com/news/2025/04/09/trump-declares-war-on-state-climate-laws-politico-00280178

Opinion | The Biggest Threat to Public Education Is Coming From an Unexpected Place

“The first case, Oklahoma Statewide Charter School Board v. Drummond, poses the question of whether the 46 states with charter schools must offer public funds to schools that would teach religious doctrine as truth. The second case, Mahmoud v. Taylor, involves the claim that religious parents should have a right to opt their children out of controversial public school curricula.

Taken together, Drummond and Mahmoud threaten the twin cornerstones of the American education system that Brown affirmed six decades ago: Since Brown, America’s public schools have operated under a norm of inclusive enrollment, and they’ve offered all children a shared curriculum that reflects the values that communities believe are essential for civic participation and economic success.

If the court tears down these foundational norms, the schools that remain in their wake will be a shell of the democracy-promoting institution the court itself has long lionized — and that healthy majorities of parents continue to support in their local neighborhoods. And although there’s a way to avoid the worst outcome in both cases, the path ahead is uncertain: It will require the court to follow history in an evenhanded manner (in Drummond) and progressives to accept a middle ground (in Mahmoud).

The legal challenges presented in Drummond and Mahmoud did not arise out of thin air. They are part of a long-term conservative movement strategy aimed at eroding public education.”

https://www.politico.com/news/magazine/2025/04/09/supreme-court-public-schools-00272918

RFK Jr. vowed to upend American health care. It’s happening faster than expected.

“Five months later, federal health officials, industry executives and the public health community say they’re more worried than ever.

Kennedy in his first seven weeks atop the Department and Health and Human Services has dramatically reshaped the U.S. health apparatus, eliminating entire agency divisions, abruptly shifting policy priorities and leaving the sprawling department in what six current and former employees described as an unprecedented state of upheaval.

The health secretary and his team forced out top scientists in charge of developing new vaccines and evaluating the safety of medicines, stripping away centuries of collective expertise and institutional knowledge. Government offices that manage key functions like ensuring safe drinking water and alerting Americans to contaminated drugs have been decimated.

In the meantime, Kennedy appointees have sought greater control over scientific decision-making in agencies such as the Centers for Disease Control and Prevention and Food and Drug Administration — going against longstanding norms and roiling a health sector that accounts for nearly one-fifth of the U.S. economy.

“It’s a mess,” said one former senior HHS official granted anonymity to discuss internal matters. “What was once a very robust place to work, that was trying to lead on innovation, is gone. It’s just gone.”

The rapid overhaul, punctuated by last week’s mass firing of 10,000 employees, has left the HHS workforce traumatized and the broader health community in deep distress, according to interviews with nine current and former health officials, as well as five other public health experts and industry officials, most of whom were granted anonymity for fear of retribution.”

““They got rid of all the people who made the place work,” said one health official. “It doesn’t seem to be achieving their aims. Unless their aim was just to cause chaos and torpedo morale.””

https://www.politico.com/news/2025/04/09/rfk-revamp-health-hhs-00280101