Danny and Derek welcome back historian Nick Mulder, writer at Weltinnenpolitik, to discuss Trump’s new tariff regime. They get into Trump’s focus on taxing goods while leaving finance untouched; how U.S. allies are obediently eating higher economic costs; why this approach resembles a “subscription model” of empire rather than a coherent industrial strategy; early signs of backlash in places like India, Brazil, and Europe; how immigration enforcement and H-1B restrictions now operate as tools of economic coercion; and why sanctions under Trump increasingly fall on partners instead of adversaries.