Bulwark Takes Trump Learned NOTHING from the “Liberation Day” Disaster
Apr 3, 2026
Catherine Rampell, economics reporter and columnist who breaks down fiscal and trade policy, joins to dissect the chaos around the April 2 tariff rollout. She recounts the baffling tariff math and odd targets. Legal rulings, stalled refunds, market reactions and lingering policy repetitions all get spotlighted.
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Reciprocal Tariff Claim Was Just Smoke And Mirrors
- Liberation Day tariffs were framed as 'reciprocal' but used a flimsy formula that wasn't actually reciprocal.
- Catherine Rampell notes the policy applied rates using a back-of-envelope trade-deficit formula, even targeting uninhabited places like McDonald Islands.
Tariffs Created Chaos Then Faced Legal Rejection
- The tariffs created market chaos, then were repeatedly delayed, suspended, or legally struck down.
- Catherine explains the Supreme Court found the authority unconstitutional and the administration is now refusing to refund unlawfully collected tariffs.
Swiss Delegation Brought A Gold Bar To Bargain
- Countries tried odd tactics to avert tariffs, including a Swiss delegation showing up with a gold bar and a gold Rolex desk clock.
- Andrew Egger and Catherine recount that the trinkets reportedly helped normalize some trade flows.