How many dolls do your kids really need? Probably fewer than they have, if you accept President Trump's guidance.
During an April 30 Cabinet event, a reporter asked Trump if he had talked with Chinese President Xi Jinping about the tariff war that has essentially frozen trade between the two countries. Trump dodged the question and riffed on trade, arguing that many imported goods from China are redundant and unnecessary.
"Much of it we don't need," Trump told the cameras. "Maybe the children will have two dolls instead of 30 dolls. And maybe the two dolls will cost a couple of bucks more than they would normally."
No biggie, right? Pay more per unit for the American product than the imported one, and buy less overall. Nobody will notice the difference.
It's just one offhand remark, and there's no indication Trump plans to codify his two-doll policy through an executive order. As of now, Americans can still buy as many dolls as they can afford. So let’s not make too big a deal out of what a 78-year-old president thinks about Barbie or Ken.
Notable, however, is the fluid nature of Trump's explanations for his economic plan and what he expects Americans to tolerate. As a candidate last year, Trump said he'd bring "trillions of dollars in wealth" to the nation. In his inaugural speech in January, he declared that a new "golden age" had arrived. In March, he said, "We're going to become so rich you're not going to know where to spend all that money."
Lately, however, Trump has sounded like more of a scold.
He now says the economy needs "medicine," like it's a sick patient. When new data showed the economy shrank in the first quarter, Trump said, "I think you have to give us a little bit of time to get moving." Then he made the remark about dialing back on dolls.
Trump, of course, is busy explaining away the negative effects of his tariffs, which are starting to bite as importers pay higher taxes on incoming goods or simply stop buying them. Trump has raised the average tax rate on imports from 2.5% to about 25%, with frequent changes that are giving businesses whiplash. His tariffs on most Chinese imports, including toy dolls, are a stratospheric 145%.
Read more: The latest news and updates on Trump's tariffs
Economists have warned of widespread consequences, which are just now starting to materialize. First quarter GDP shrank for the first time in three years because imports surged as American businesses rushed to beat the tariffs. Imports detract from GDP in the traditional way it's calculated, which leaves the GDP report a confusing muddle that may or may not mean the real economy is shrinking.