Swamp Notes: The economic fallout of ‘liberation day’

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  I do n't know if you knew this already, but this week marks one year

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  since U.S. President Donald Trump's Liberation Day announcement.

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  Sweeping tariffs placed on countries across the world rocked economies everywhere.

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  We've been covering this anniversary all week on the FT News Briefing.

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  And so today for Swamp Notes, we wanted to share a special conversation with the FT's U.S. Economics editor,

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  Claire Jones, who 's been watching seemingly every detail of this story since last April.

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  Claire, welcome.

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  Hi, Mark.

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  All right, so we're recording this on April 2nd, 2026, exactly one year after Trump's comments.

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  Claire, the days and weeks following the tariff announcement,

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  what were some of the things that occurred to you that would need to be ironed out?

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  And one of the things that economists seem very unhappy about, which was the way in which the tariffs were calculated,

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  they did n't think the rationale behind the methodology made sense.

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  They didn't think it necessarily followed the sort of paths that previous tariff policies had.

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  And it begged a lot of questions.

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  And one thing that economists really don't like is uncertainty.

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  And markets do n't like that either, which I think explained the rather volatile reaction

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  we saw from stock indices in bond markets too.

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  Claire, seemingly there had to be some.

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  Economic advantage to these tariffs.

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