The Deduction

One Year After "Liberation Day," Did Trump's Tariffs Deliver?

April 2, 2026·39 min
Episode Description from the Publisher

On April 2, 2025, President Trump announced sweeping "reciprocal" tariffs on Liberation Day, promising an investment boom, massive revenue, debt reduction, and lower prices. One year later, Kyle Hulehan and Erica York dig into the data to see how those promises held up. 0:00 - Liberation Day speech recap 2:00 - Were the tariffs actually "reciprocal"? 5:30 - The real math behind the tariff formula 10:00 - Market reactions and policy chaos 14:00 - The promised investment boom that never arrive...

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