Wall Street thought Donald Trump was bluffing about his tariff plans. The stock market rallied after his election. But the reality has started setting in. Trump is doubling down on tariffs, even as he warned Americans that the economy may experience a “period of transition,” insisting this is just short-term pain. So what exactly is Trump’s theory here? And how much pain should we expect? Answering those questions requires a bit of a tariffs primer. And the economist Kimberly Clausing kindly agr...
Mar 12, 2025•1 hr 1 min•Transcript available on Metacast Right-wing populism thrives on scarcity. The answer is abundance. But a politics of abundance will work only if Democrats confront where their approach has failed. This audio essay is adapted from my forthcoming book, “ Abundance ,” which I wrote with Derek Thompson. You can preorder it here . And learn more about our book tour here . Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and...
Mar 09, 2025•17 min•Transcript available on Metacast The economy has started blinking red. President Trump’s tariffs have been roiling markets. Consumer sentiment was already down. G.D.P. forecasts are predicting slower growth. And on Tuesday night Trump declared to Congress and the nation that things had never been better. Something was different about this speech. The level of baldfaced lying. The way Republicans cheered along. How uncomfortable and uncertain Democrats seemed. It was as if, watching it all, you could feel something rupturing. My...
Mar 05, 2025•49 min•Transcript available on Metacast Artificial general intelligence — an A.I. system that can beat humans at almost any cognitive task — is arriving in just a couple of years. That’s what people tell me — people who work in A.I. labs, researchers who follow their work, former White House officials. A lot of these people have been calling me over the last couple of months trying to convey the urgency. This is coming during President Trump’s term, they tell me. We’re not ready. One of the people who reached out to me was Ben Buchana...
Mar 04, 2025•1 hr 6 min•Transcript available on Metacast If you’re looking for a single-sentence summation of the change in America’s foreign policy under Donald Trump, you could do worse than what Trump said on Wednesday: “The European Union was formed in order to screw the United States. That’s the purpose of it. And they’ve done a good job of it. But now I’m president.” Trump seems to loathe America’s traditional European allies even as he warms relations with Russia. He’s threatened tariffs on Canada and Mexico while softening his rhetoric on Chin...
Mar 01, 2025•1 hr 21 min•Transcript available on Metacast In 2016, when Donald Trump won the first time, a little-known book became an unexpected phenomenon. It was “ The Revolt of the Public ,” self-published two years earlier by a former C.I.A. media analyst, Martin Gurri. Gurri, who is now a visiting research fellow at the Mercatus Center, argued that a revolution in how information flowed was driving political upheavals in country after country: The dynamics of modern media ecosystems naturally created distrust toward institutions and elites, and t...
Feb 25, 2025•1 hr 4 min•Transcript available on Metacast After the elections, I started asking congressional Democrats the same question: If the elections had gone the other way, if they had won a trifecta, what would be their first big bill? In almost every case, they said they didn’t know. That’s a problem. Democrats are in the opposition now. That means fighting the worst of what Trump is doing. But it also means providing an alternative. So one thing I’m going to do this year is talk to Democrats who are trying to find that alternative — an agenda...
Feb 18, 2025•1 hr 4 min•Transcript available on Metacast What happens when ambition no longer checks ambition? Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com. You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast . Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs . This audio essay for “The Ezra Klein Show” was produced by our supervising editor, Claire Gordon. Fact-checking by Michelle Harris. Mixing by E...
Feb 16, 2025•18 min•Transcript available on Metacast We are moving into the next phase of Donald Trump’s presidency. Phase 1 was the blitz of executive actions. Now comes the response from the other parts of the government — namely, the courts. A slew of judges, some of them Republican appointees, have frozen a number of the administration’s most aggressive actions: the destruction of U.S.A.I.D., the spending freeze, DOGE’s access to the Treasury payments system and the executive order to end birthright citizenship, to name just a few. The adminis...
Feb 11, 2025•2 hr 35 min•Transcript available on Metacast Elon Musk has been on a slash-and-burn tear through the federal government — gaining access to I.T. systems, dismantling U.S.A.I.D. and unleashing a firehose of attacks on his platform, X, accusing the bureaucracy of various conspiratorial crimes. As this all unfolds before our eyes, it’s hard to believe that Musk, not that long ago, was a conventional Obama-era liberal. How did a guy who cared about climate change and going to Mars, whose companies were buoyed by government largess, become Dona...
Feb 07, 2025•1 hr 7 min•Transcript available on Metacast There are two pieces to this episode. First, a tour of what Donald Trump has done — and what he has backed down from doing — over the last few days. There’s a lesson there. Perhaps Democrats are starting to learn it. Then I wanted to hear the view of Trump’s first weeks back in office from someone on the right — someone who agrees with many of Trump’s policies, but also understands how the government works and who cares about our Constitution. Yuval Levin is the director of social, cultural and ...
Feb 05, 2025•1 hr 19 min•Transcript available on Metacast Look closely at the first two weeks of Donald Trump’s second term and you’ll see something very different than what he wants you to see. Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com. You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast . Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs . This audio essay for “The Ezra Klein Show” was produced by o...
Feb 02, 2025•14 min•Transcript available on Metacast MAGA has long been hostile to Big Tech. So now that Big Tech is shifting rightward, what does that mean for MAGA? “We’re seeing a true political coalition having to navigate very, very big questions about how to keep themselves together,” James Pogue told me. He’s a contributing writer at Times Opinion who has been covering the intellectual ferment on the New Right for years. And he just published a great piece about the tensions between the techno-optimists and skeptics within the MAGA coalitio...
Jan 28, 2025•2 hr 34 min•Transcript available on Metacast On the first day of President Trump’s second term, he signed a record 26 executive orders. Some of them were really big. Others feel more likely messaging memos. And still others are bound to be held up in the courts. So what does it all amount to? What exactly in America has changed? In a former life, I co-hosted a podcast called “The Weeds” with other policy wonks at Vox, including Dara Lind and Matthew Yglesias. We’ve since gone our separate ways; Lind is currently a senior fellow at the Amer...
Jan 25, 2025•1 hr 3 min•Transcript available on Metacast There’s a quieter transition happening beneath the pageantry of this week’s inaugural events — a transition not of power per se but of the rules around how power in Washington works. And the new rules look very different from the old ones. In this conversation, I’m joined by Aaron Retica, an editor at large for New York Times Opinion (and my column editor), to discuss what President Trump’s inaugural address and first round of executive orders signal about the administration to come. We talk abo...
Jan 22, 2025•48 min•Transcript available on Metacast Trump is a master at wielding attention. He’s been owning news cycles and squatting in Americans’ minds for much of the last decade. And for his second term he has an ally in Elon Musk, a man with a similar uncanny skill set. Trump and Musk seem to have figured out something about how attention works in our fragmented media age — and how to use it for political and cultural power — that Democrats simply haven’t. So what is it? What do they understand about attention that their opponents don’t? C...
Jan 17, 2025•1 hr 13 min•Transcript available on Metacast Joe Biden wanted to show Americans that there was a better path than Trumpism. He worked to build a “foreign policy for the middle class.” He centered industrial policy. He took a more competitive tack with China. He kept America out of wars. The hope was that if Americans saw foreign policy serving their interests, then that would dim the appeal of someone like Donald Trump. Then Trump won again — stronger than ever. Jake Sullivan is Biden’s national security adviser and one of the key architec...
Jan 14, 2025•1 hr 8 min•Transcript available on Metacast The preview we’ve had into Donald Trump’s second administration already feels, by American standards, disturbingly abnormal: Picking a former “Fox and Friends” host for defense secretary. Billionaire after billionaire trekking to Mar-a-Lago to curry favor with the president-elect. The Washington Post withholding an opposing endorsement. Meta ending its third-party fact-checking. But all of this is actually pretty normal — not in the U.S. but in many other countries. Researchers call them persona...
Jan 10, 2025•1 hr 7 min•Transcript available on Metacast I like to begin each year with an episode about something I’m working through more personally. And at the end of last year, the thing I needed to work through was a pretty bad case of burnout. So I picked up Oliver Burkeman’s latest book, “ Meditations for Mortals: Four Weeks to Embrace Your Limitations and Make Time for What Counts .” Burkeman’s big idea, which he also explores in his best seller “ Four Thousand Weeks: Time Management for Mortals ,” is that the desire to be more productive, to ...
Jan 07, 2025•1 hr 5 min•Transcript available on Metacast I have a tendency to end the year feeling pretty worn out. And that’s partly because I struggle to rest properly throughout the year, to build rest into a routine and stick to it. That’s how I was feeling at the end of 2022, when we originally taped this episode. And it’s certainly how I’m feeling at the end of this year, so this felt like a valuable episode to revisit. Judith Shulevitz’s wonderful book, “ The Sabbath World: Glimpses of a Different Order of Time ,” draws out lessons from the Jew...
Dec 27, 2024•1 hr 2 min•Transcript available on Metacast There’s a lot to process as 2024 draws to a close. In our end-of-year Ask Me Anything, the supervising editor of “The Ezra Klein Show,” Claire Gordon, joins Ezra in the studio to ask your questions – on politics, and lots of not-politics too. Ezra talks about the ways this year has affected him personally: how his views on government have changed; his efforts to stave off burnout; and his off-again, on-again relationship with social media. They also discuss the making of the show: the accusation...
Dec 24, 2024•51 min•Transcript available on Metacast In 2022, President Biden signed the Inflation Reduction Act, ushering in, by some estimates, nearly half a trillion dollars of investment in green energy and manufacturing. But what will happen to this huge investment as Donald Trump enters office? Jigar Shah is one of the best people to answer this question. As the director of the Loan Programs Office at the Department of Energy, he has spent his career finding new ways to finance green infrastructure. And he’s more optimistic than you might ex...
Dec 20, 2024•1 hr 1 min•Transcript available on Metacast Donald Trump will enter office at a time when presidential power has significantly expanded, because of a string of Supreme Court decisions in recent years. These decisions can be understood to have two functions: They give presidents a “sword” to act more decisively and unilaterally, and a “shield” that protects them from prosecution against actions taken in their official capacity. What will these capacities mean for Trump’s second term — especially as he has promised to radically transform th...
Dec 17, 2024•45 min•Transcript available on Metacast This election felt like the peak of the TV-ification of politics. There’s Trump, of course, who rose to national prominence as a reality-TV character and is a master of visual stagecraft. And while Trump’s cabinet picks in his first term were described as out of central casting, this time he wants to staff some positions directly from the worlds of TV and entertainment: Pete Hegseth, his choice to run the Pentagon, was a host on “Fox and Friends Weekend”; his proposed education secretary, Linda ...
Dec 13, 2024•1 hr 4 min•Transcript available on Metacast This is our first bonus content of the paywall era, a subscriber-only, election-themed “ask me anything.” If you haven’t subscribed and would like to, you can do that directly through Apple Podcasts and Spotify, or click here . If you don’t want to subscribe, you’ll still have an end-of-year “ask me anything” coming down your feed — a mix of politics and things in life that, thankfully, aren’t politics. And if you do subscribe, thank you so much for supporting the show. We hope you enjoy this li...
Dec 10, 2024•41 min•Transcript available on Metacast It was possible to see Donald Trump’s first election victory as some kind of fluke. But after the results of this election, it’s clear that America is living in the Trump era. And for Americans who’ve struggled to process this fact, you have lots of company around the world. From Hungary to Brazil, right-wing figures with openly authoritarian goals have been voted into power, to the concern of many of the people who live there. A political phenomenon that spans countries like this — especially c...
Dec 06, 2024•2 hr 31 min•Transcript available on Metacast Right after the election, I talked about how the results reminded me of 2004. George W. Bush won re-election that year — and unlike four years earlier, the popular vote, too. Democrats were truly, undeniably in the wilderness. But two years later, they found their way out. Democrats won the House for the first time in 12 years. And two years after that, with the election of Barack Obama, they completed their trifecta. Does that comeback story have any lessons for Democrats today? Rahm Emanuel is...
Dec 03, 2024•1 hr 12 min•Transcript available on Metacast There are a lot of different opinions about how the Democratic Party should rebuild after the blow of Donald Trump’s victory. And for the next two episodes, we’re going to showcase two very different ones. Faiz Shakir was Bernie Sanders’s 2020 campaign manager, and he believes that Democrats need to embrace a Sanders-style class-first populism. This question of whether Sanders or a candidate like him could have beaten Trump loomed over Democratic post-mortems of the 2016 election, and they’ve re...
Nov 26, 2024•1 hr 16 min•Transcript available on Metacast The core conflict in our politics right now is over institutions. Democrats defend them, while Republicans distrust them, and seek, in some cases, to eliminate them. This is really bad. It’s bad for institutions when Republicans are elected, because of the damage they might inflict. And it’s bad for institutions when Democrats are elected, because when you’re so committed to protecting something, it’s hard to be clear-eyed or honest about all the ways it’s failing. And when Democrats won’t admit...
Nov 22, 2024•1 hr 9 min•Transcript available on Metacast I’ve been watching since the election to see what timeline we’re in. And Donald Trump’s first wave of selections for appointees were pretty straightforward. But then came the turn: Pete Hegseth, a former “Fox & Friends” host, to helm the Pentagon; Tulsi Gabbard for director of national intelligence; and the real gut-punch, the former representative Matt Gaetz for attorney general. In the parts of government that can be weaponized most dangerously — the military, the intelligence services, the De...
Nov 19, 2024•1 hr 7 min•Ep 1•Transcript available on Metacast 
