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Market Madness, Manufacturing, and the Liberation Day of It All

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Market Madness, Manufacturing, and the Liberation Day of It All


Louise Matsakis: Yes, that is an absolutely beautiful quote that I really want to put on a hat or a T-shirt or a bumper sticker. Just an absolutely incredible picture that Secretary Lutnick is painting there. There’s two basic camps within the Trump administration here, and I think that that’s part of why you’re seeing this confusion because these two camps are sort of warring with one another. They’re both going on TV. So in one camp is the Art of the Deal crowd. Let’s call them that. The Art of the Deal people say Trump is the ultimate negotiator. This is an incredibly provocative measure. These tariffs are a starting point, and the goal is not to keep the tariffs this high, but to create a new world economy where the US is not ripped off by these unfair trade deficits, and we’re ushering in sort of a new world where the US is treated more fairly, we throw our power around, and you’re going to see things change quickly. I would say that this is the camp that the false Walter Bloomberg tweet was speaking to. The other camp, maybe let’s call them Armies of iPhone Workers, believes that the actual goal here is not to remove the tariffs or just to use them as a negotiating tactic. Sure, we can definitely get some concessions from other countries along the way. Maybe the tariffs will be adjusted over time. But broadly, the tariffs are going to stay in place because the point of them is to have a manufacturing renaissance in the US, and to genuinely have maybe not people assembling iPhones, but to have all sorts of industries come back to the United States. They’ve been pretty vague about like exactly which industries they want to prioritize here. But the idea here is honestly, I think it’s kind of outgrowth in some ways of masculine Twitter, the backlash among like certain populations of the US that feel like in particular men with only a high school diploma have been sort of gotten the short change of globalization. So the idea is to harken back to this era where the man went to work and had a manly job, putting tiny screws into iPhones and provided for his family doing something like that, instead of having a, quote unquote, feminine email job. So that’s the other camp.

Zoë Schiffer: Yeah. Okay. Well, I definitely want to get into the manufacturing of it all, and I think we’re going to touch on that in the next segment. But we’re going to take a quick break. We’ll be right back with Louise Matsakis. Welcome back to Uncanny Valley. So let’s talk about some of the impacts, both of the tariffs and the market madness that followed. From your reporting, how is this hitting small businesses and manufacturing?

Louise Matsakis: So these tariffs are a disaster for basically every kind of small business that you can imagine. So your local coffee shop is importing beans from Indonesia and Colombia. A clothing manufacturer, the boutique down the street, they’re importing clothes from China, from Vietnam, from Cambodia, potentially also Bangladesh and places like that. And I think really, it’s not necessarily the tariff rate. Obviously, trying to figure out how your small business that’s probably already running on pretty thin margins is going to absorb 30% more in costs, obviously it’s a big deal, but what the real problem is, is the uncertainty. So these tariffs were announced really suddenly. While Trump was talking about them, no one knew how high they might be. I saw some reporting from the Washington Post that actually indicated that they were still deliberating how high the tariffs were going to be and how they were going to be calculated hours before Trump’s announcement. They moved around the time of the announcement. They ended up doing it after the markets closed, I think, because they knew there was going to be this big crash. So what that means is, for example, let’s say you make shoes. You’re a US-based shoe designer, but you produce your shoes in China. These kinds of businesses, they work months, sometimes a year, a full year, 12 months in advance. And so they’ve already set their prices, they’ve already talked to buyers, the retailers that are going to carry their shoes, they’ve already agreed on a price for the next season. Like right now, a shoe manufacturer is producing maybe like fall shoes at the earliest, but probably their winter shoes have already gone into production, or they’re at least negotiating with manufacturers right now. And their summer shoes, those were priced five, six months ago. And in some cases, those summer shoes, they’re already on a ship. So you’ve already paid your manufacturers for them, and that ship is coming, and suddenly like if that ship’s coming from China, you’re going to have to pay a 34% tariff that you were not expecting. So I think that it makes it really difficult for any business to plan right now.



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Watchdog highlights major issue in debate over DOGE’s effectiveness under Elon Musk

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Watchdog highlights major issue in debate over DOGE's effectiveness under Elon Musk

With Elon Musk’s departure from the agency, there’s debate roiling over how effective the Department of Government Efficiency’s (DOGE), has been in its mission.

In a report released just two days prior to Musk stepping down, financial watchdog Open The Books published a report finding it is likely impossible for the average American taxpayer to track the savings associated with the contracts and grants that were terminated by the DOGE team.

According to Open The Books’ analysis, which mined all the data published on DOGE’s official website, the average American taxpayer would likely only be able to confirm 42% of contracts and 27% of grants through an independent review of public federal spending databases.

“This doesn’t mean these targets aren’t real, it simply means it’s very hard for taxpayers who want to see additional savings to find proof and evidence of savings,” Open The Books points out in its analysis, shared in a report the group released Tuesday.

‘BUREAUCRATIC AND WASTEFUL’: DOGE SNIFFS OUT EYE-POPPING SPENDING ON BIDEN DEI EFFORTS IN KEY AGENCY 

Elon Musk, left; anti-Musk sign, right

Elon Musk (LEFT) has been a controversial figure in the Trump administration, with many of his critics arguing he has wielded too much power in the Trump administration.  (Getty)

“Because taxpayers don’t have access to real-time transparency and a real-time look at the Treasury Payment System, it’s still too difficult for even a highly motivated Joe Taxpayer to confirm the savings claims DOGE is making,” the analysis, released ahead of Elon Musk stepping down from running the agency, continued. “It’s also far too easy for critics to sew [sic] doubt and confusion.”

DOGE says on its website that the group’s work up to this point has provided the American taxpayer with $175 billion in “estimated” savings from the elimination of contracts, grants and leases, as well as through renegotiations, fraud and improper payment deletion and other mechanisms. 

However, DOGE’s estimated savings have been contested by watchdog groups and budget experts. Such critics have posited that the inclusion of already canceled contracts, double-counting or misrepresentation of contract values, and the unaccounted cost burden that could be imposed on the government when it has to re-hire folks down the line, or revamp its productivity, due to DOGE cuts, have led to inflated savings estimates. 

Nate Malkus, a senior fellow at the conservative-leaning American Enterprise Institute, has accused DOGE of “overestimating contracts by a factor of two,” according to CBS News.

ELON MUSK ‘DISAPPOINTED’ BY TRUMP’S SPENDING BILL, SAYS IT UNDERMINES WHAT DOGE IS DOING 

But White House spokesperson Harrison Fields told Fox News Digital that DOGE has produced “historic savings” for the American people.

“DOGE is working at record speed to cut waste, fraud, and abuse, producing historic savings for the American people,” Fields said. “The DOGE Wall of Receipts provides the latest and most accurate information following a thorough assessment, which takes time. Updates to the DOGE savings page will continue to be made promptly, and departments and agencies will keep highlighting the massive savings DOGE is achieving.”

falling cash photo illustration with US Capitol building

“DOGE’s job is to identify, not enact, savings targets. It’s up to Congress to do the heavy lifting,” Open The Books said in their analysis about DOGE savings.  (Fox News Digital)

“DOGE and Elon Musk have done the country an incredible service by identifying savings targets,” added Open The Books CEO John Hart. “Having worked on the last major deficit commission with the late Senator Tom Coburn, we would have been elated to have had Musk in our corner. Now it’s up to Congress to not only turn DOGE’s recommendations into durable savings but to go beyond DOGE’s scope and truly tackle our long-term debt and deficit crisis.”

Open The Books highlighted two “common sense” standards to help establish an “intellectually honest” approach to understanding the true impact of government cuts, such as those being recommended by DOGE.

The first is the “durable standard,” which asks whether a proposed cut can be easily reversed.

OBAMA-NOMINATED JUDGE ALLOWS LAWSUIT TARGETING MUSK’S ROLE WITH DOGE TO PROCEED, DROPS CLAIMS AGAINST TRUMP

“Describing something as ‘durable’ does not mean it is permanent or irreversible; it simply means it is hard to reverse,” the Open The Books’ analysis stated. “The most durable budget cut in our constitutional system would be passed by Congress, signed into law by the president and be clearly constitutional, or unassailable in a court challenge. Budget cuts become less durable when they lack any of these three elements.”

The second is called a “duty standard,” which illuminates the power behind certain cuts based on who is trying to impose them.

“In our constitutional system, the founders gave the job of budget savings to three branches but primarily to Congress,” Open The Books points out. “DOGE’s job is to identify, not enact, savings targets. It’s up to Congress to do the heavy lifting. And We the People have a responsibility to be informed and hold our elected officials accountable.”

WHITE HOUSE SENDING $9.4B DOGE CUTS PACKAGE TO CONGRESS NEXT WEEK

Elon Musk shows off black shirt with all caps white DOGE lettering

White House Senior Advisor Elon Musk walks to the White House after landing in Marine One on the South Lawn with U.S. President Donald Trump (not pictured) on Mar. 9, 2025, in Washington, DC. (Samuel Corum/Getty Images)

Open The Books ultimately concluded that due to various limitations associated with publicly available data on government spending and revenue, in particular a lack of real-time access to the government’s Treasury Payment System, it is still too difficult for even the most motivated average American citizen to either confirm, or deny, the savings claimed by DOGE.

Elon Musk officially stepped down from his role as DOGE chief Thursday evening, as his position of “special government employee” in the Trump administration was limited by law to a few months. Amid the transition, Musk criticized Republicans’ spending bill that was passed ahead of Memorial Day in the House, indicating he was “disappointed” it would increase the federal deficit. 

CLICK HERE TO GET THE FOX NEWS APP 

“I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing,” Musk told CBS News in an interview that will air in full on June 1.

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Man, 53, charged over Liverpool parade incident | UK News

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Paul Doyle


A 53-year-old man has been charged after a car was driven into a crowd at Liverpool FC’s trophy parade.

Paul Doyle, from the West Derby area of Liverpool, has been charged with seven offences, Merseyside Police said.

The businessman, who is a father-of-three, is accused of two counts of unlawful and malicious wounding with intent to cause grievous bodily harm, and two counts of causing unlawful and malicious grievous bodily harm with intent to cause grievous bodily harm.

Paul Doyle
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Paul Doyle

Doyle is also accused of two counts of attempted unlawful and malicious grievous bodily harm with intent to cause grievous bodily harm, and one count of dangerous driving.

He is due to appear before Liverpool Magistrates’ Court on Friday.

The charges relate to six people, including two children. A wounding charge and an attempted grievous bodily harm charge relate to a child.

A police car was outside Doyle’s four-bedroom detached family home in the West Derby area on Thursday morning.

According to his social media, he has travelled extensively, including to Japan, Fiji, India and Australia. Doyle has posted pictures of himself competing in triathlons, and climbing Mount Kilimanjaro.

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New Liverpool incident footage

Thousands of fans were gathered in Liverpool city centre on Monday to celebrate the Premier League champions’ title win when a car struck a crowd on Water Street.

Police said a total of 79 people were injured in the incident, with the youngest aged nine, and the oldest being a 78-year-old.

Seven people remain in hospital in a stable condition.

Forensic officers at the scene in Water Street. Pic: PA
Image:
Forensic officers at the scene in Water Street. Pic: PA

‘Huge volume of evidence’

Chief crown prosecutor for the CPS Mersey-Cheshire, Sarah Hammond, told a news conference on Thursday that the investigation was at an early stage and a “huge volume of evidence” was being reviewed.

“This includes multiple pieces of video footage and numerous witness statements. It is important to ensure that every victim gets the justice they deserve.

“The charges will be kept under review as the investigation progresses.”

Police ‘working tirelessly’

Also at the briefing where the charges were announced was Assistant Chief Constable of Merseyside Police, Jenny Sims, who said: “I fully understand how this incident has left us all shocked and saddened, and I know many will continue to have concerns and questions.

“Our detectives are working tirelessly, with diligence and professionalism, to seek the answer to all of those questions. When we are able to, we will provide further information.”



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White House says Israel accepted proposed ceasefire in Gaza

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White House says Israel accepted proposed ceasefire in Gaza

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White House Press Secretary Karoline Leavitt said Israel accepted a proposed ceasefire in Gaza. Leavitt said she didn’t believe Hamas had made a decision about the proposal yet.

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