Bob’s Sandwich / So Awful, Even Introverts Are Here April 5, 2025April 5, 2025 Condensed from the Winnipeg Free Press: Chaos follows Trump’s ‘Liberation Day’ . . . Trump claims that the U.S. is being raped and pillaged — his words — by foreign nations, that Americans were subsidizing economies all over the world, because Americans buy more foreign products than foreign nations buy American. But there’s a clear problem with that analysis. A trade deficit is not a debt or a subsidy. Let’s say you want a good sandwich. Bob can make it better or more cheaply or more conveniently than you can. You pay Bob $5. Bob hands you your sandwich. Yes, Bob gets your money, but you get the sandwich you wanted at the price you were willing to pay. You arguably have a $5 trade deficit with Bob, because Bob didn’t buy anything from you. Donald Trump would argue that you’re propping Bob up with a $5 subsidy. But you didn’t subsidize Bob. Bob did not steal anything from you. You didn’t give Bob a gift — you chose to buy his sandwich for your own reasons. Much the way Americans have chosen to buy products from Canada or any other nation — because the value or quality was worth the money. Trump has decided to add a tariff, a tax on Bob’s sandwiches. A host of economists have suggested what’s likely to come next — significant inflation for American consumers, chaos in the global supply chain, and, most likely, layoffs and business closures. Stock markets are already delivering their verdicts. The irony is that, as president, Trump’s ability to levy tariffs is tangential at best — he has had to manufacture emergencies to justify his actions. And there’s been a gross failure by the legislative branch in the United States to rein him in and represent the interests of their own constituents. The real question now is whether anyone in America will stand up to him. The damage to Canada’s relationship is obvious and will be long-lasting — one can only imagine what that damage will be to the reputation of the U.S. globally. The damage to America — and Americans — may be incalculable. Which is why so many Americans joined more than 1,200 protests throughout the country yesterday, many carrying home-made signs like this one: Mine said: NATO NOT PUTIN on the front and . . . . . . on the back. There were lots about Social Security and Medicare and Veterans and Fascists and . . . LEASH YOUR DOGE One of my favorites summed it up: WAY TOO MUCH FOR ONE SIGN Inflation rising, recession looming, stocks plunging, measles spreading, medical research slashed . . . and tariffs slapped on islands from whom we import nothing (including the one with only penguins) . . . but not on Russia (from whom we imported $3.27 billion worth of goods last year). Michael K.: “I think of you every time I see Scott Bessent interviewed in this debacle. You’re not still a fan, are you?” → I’ve read that he’s trying to quit and move over to the Fed. I wish he had been strong enough to prevent — or denounce — this insanity. He’s on Meet the Press this morning and I can’t say I have high hopes.