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 agreed to come on the show, walk through the basics, and help me make sense of what Trump is doing here. Clausing has modeled the possible costs and consequences of the tariffs Trump has proposed, and she breaks down how much you and I might end up paying. Clausing is a senior fellow at the Peterson Institute for International Economics, a professor at U.C.L.A. and the author of “Open: The Progressive Case for Free Trade, Immigration, and Global Capital.” This conversation contains strong language. Note: This conversation was recorded on Wednesday, March 5.

I’m convinced that attention is the most important human faculty. Your life, after all, is just the sum total of the things you’ve paid attention to. And we lament our attention problems all the time: how distracted we are, how drained we feel, how hard it is to stay focused or present. And yet, while there’s no shortage of advice on how to improve our sleep hygiene, or spending, or physical fitness, there’s hardly any good information about how to build and replenish our capacity for paying attention. So for the start of the new year, I wanted to have a conversation with Gloria Mark, a professor at the University of California, Irvine, author of the book “Attention Span,” and one of the few people who’s deeply studied the way our attention works, how that’s been changing, and what we can do to stop frittering our attention away.