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Noted trade experts Adam and Jeff discuss the new American trade policy of greatly increasing tariffs on most foreign imports.
They debate whether across-the-board increases in tariffs on imported goods is a strategic action or simply a blunt instrument approach to cutting down America’s enormous trade deficits. Jeff points out that the current policy is prompted by the desire to reshore industries and rebuild our domestic supply chains. Adam sees the increases in tariffs as a strategy to force other countries to build their products in the United States so that they do not get shut out of the American market by higher tariffs as the Japanese car industry chose to do when its auto exports were limited to the United States in the 1980s. Both see tariffs as a way to force other countries to the table now as opposed to waiting a decade or more to possibly work something out at the WTO.

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Anxious to display their recently acquired knowledge about all things Greenland, Adam and Jeff address whether the United States should take over Greenland and the means by which it should do so. They talk about the fact that Greenland is heavily subsidized by Denmark and that if the United States should take it over, it will inherit that same open-ended obligation to keep the Greenlandic economy, afloat for years and years to come. They also talk about past efforts by the United States to buy Greenland outright from Denmark for cash. However, Jeff points out that this approach (which has been rejected repeatedly by Denmark) does not have any appeal to the Greenlanders themselves because the money would be going to the Danish government.. Adam and Jeff discuss a more innovative approach whereby the United States would bribe every man, woman and child in Greenland with large sums of cash to persuade them to switch sides and join the United States. They even offer to oversee the money transfers in person by taking trunks full of cash to the various Greenlandic settlements and obtaining proxy votes in favor of joining the United States.

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Adam opens the show solo because Jeff is on assignment overseas with a group of cartographers mapping the tunnels underneath the Gaza Strip for a new travel guide. Jeff discusses the workplace hazards in Gaza as he and his colleagues make their way through boobytrapped tunnels, losing the occasional finger or toe to an explosive device. Adam and Jeff then turn to the theme of the show which looks at some of the major policy changes that have taken place in the first 100 days of the second Trump presidency--most notably immigration. Adam points out that people always act in their own self-interest and are willing to give their life savings to traffickers in order to come to the United States where they can receive food and lodging benefits not typically available to many Americans. Jeff points out that the Biden Administration seemed to believe that open borders would allow enough people to come into the country who would have an undying loyalty toward the Democratic Party and thus reward it with an electoral majority for years, if not generations to come. However, Adam and Jeff point out that most groups of immigrants typically split their votes among the major parties by the second or third generation, rendering the "demographics is destiny" argument moot. They also consider instances in which government agencies such as FEMA and the Department of Education have been created and funded but have had little positive impact in recent years due to misallocated funds and bureaucratic sclerosis. Adam believes the government should limit itself to certain core functions such as national infrastructure (e.g., TVA, interstate highway system), a universal postal system and national defense, whereas Jeff is hoping that he can avoid stepping on another explosive device before he returns home.