John Diamond explains why President Donald Trump’s recently announced trade deal with the United Kingdom is a net negative for the U.S. and why despite an additional trade deal with China, we’re still worse off than we were five months ago.

Then, he reviews the progress of Republicans’ “one big, beautiful” tax bill and explains what makes fiscal sense and what doesn’t.

Finally, he explores an executive order from Trump that aims to slash prescription drug prices and explores the potential trade-off between lower consumer costs and incentivizing pharmaceutical innovation.

This conversation was recorded on May 13, 2025. 

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