April 18: Where’d all the tariff talk go?

In which, tariff talk settles slightly as Team Trump starts negotiations and the opposition keeps its powder dry.

LISTEN, my children, and you shall hear
Of the midnight ride of Paul Revere,
On the eighteenth of April, in Seventy-five;
Hardly a man is now alive
Who remembers that famous day and year.

Thus opens one of the great American poems of one of the great moments in American history. 2026 will mark the 250th anniversary of America’s independence, but that final push to independence started with the fateful events of April 18-19, 1775 that sparked the American Revolution.

I’ve been thinking about how to commemorate this momentous year/anniversary for America, and am contemplating starting a separate publication (don’t worry, this one’s not going anywhere) exploring what makes America America, and why I love it. Kinda my birthday card to this great country. So, quick question for you, dear readers: Would you be interested in reading that?

Thanks for taking the time to respond. Onwards!

Where’d all the tariff talk go?

President Donald Trump meets with the Japanese Minister of State for Economic and Fiscal Policy Ryosei Akazawa and delegation in the Oval Office, Wednesday, April 16, 2025. (Official White House Photo by Molly Riley)

The first half of April was dominated by tariff talk, which suddenly seemed to go largely quiet this week. It didn’t go away, mind you, but the hyperbole cooled off even if the market slides didn’t. Why is that? It could be because President Trump hit “pause” on the reciprocal tariffs (sans China), and added another exemption on certain tech items this week. However, pauses though there were, that didn’t seem to do much for the markets, nor for the recession talk. And, it certainly didn’t get California Governor Gavin Newsom to walk back his threat of legal action to halt tariff implementation.

With a 10% baseline tariff in effect and a China trade war in full swing, it seems odd to me that tariffs seemed to lose the interest of the American public, or at least the American news media.

In part, I think that’s explained 1) by the fact that critics of the policy have shifted from hyperbolic alarmism to hinting, and anticipating a recession this year; and 2) there’s reason to believe that renegotiated trade deals will go through in Europe (though the same dividing lines remain and Britain is being a bit of a fly in the ointment). In other words, worst case scenarios have not occurred… yet.

That being said, things like higher inflation and prices still could occur as Fed chairman Jerome Powell suggested earlier this week, which drew down the ire of the President. And, let’s face it, the personality politics of economics is far more entertaining news than the ins and outs of tariff negotiations. So, expect more of the “Trump vs. the Fed,” “Trump vs. the Courts,” “Trump vs. X Institution” (see below) framed around personality clashes between Team Trump and representatives of said institutions for the time being. Behind the scenes, though, there’s going to be quite a bit of activity as delegations from other countries come to DC to meet with the President and his team (Japan and Italy this past week), legislation moves through Congress, and litigation moves through the courts.