Kate Linebaugh
Appearances
The Journal.
The Trade War With China Is On
Additional reporting in this episode by Clarence Lung and Roshan Fernandez. Thanks for listening. See you tomorrow.
The Journal.
The Trade War With China Is On
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Wednesday, March 5th. Coming up on the show, Trump's tariffs are pushing companies out of China.
The Journal.
The Trade War With China Is On
I called up Steve Greenspawn while he was at that Chicago homeware convention. He tried to find a quiet room, but it was hard. Steve is the founder and CEO of a company called Honey Can Do. Honey Can Do, that's the name of your company?
The Journal.
The Trade War With China Is On
What's your sort of crown jewel of your home organization?
The Journal.
The Trade War With China Is On
Steve's company sells products like shelving units, drying racks, and laundry hampers. His customers are major retailers like Walmart, Amazon, and Home Depot. In 2024, he had about $75 million in revenue. How long have you been running this business?
The Journal.
The Trade War With China Is On
To build the business, Steve looked to China, where he developed a network of trusted manufacturers and subcontractors.
The Journal.
The Trade War With China Is On
The expo is full of businesses showing off their merchandise, everything from cookware and linens to luggage and vacuums. But this year, the convention has been dominated by one thing.
The Journal.
The Trade War With China Is On
At one point, Steve relied on Chinese manufacturing for about half of his products. And things were going well, until 2018, when President Trump, in his first term, imposed tariffs on China.
The Journal.
The Trade War With China Is On
Steve's challenges went beyond just building out his operation from scratch. Vietnam hasn't had as much investment as China, and that makes doing business there more difficult.
The Journal.
The Trade War With China Is On
Since 2018, Steve has significantly reduced his reliance on China. Today, only about a fifth of his production is there. This year, Trump restarted a trade war with China. In February, he imposed new 10% tariffs on Chinese imports. Yesterday, another 10% tariff went into effect. Trump has said these actions are to help stop the flow of chemicals that are used to make fentanyl.
The Journal.
The Trade War With China Is On
China said it would hit back with retaliatory tariffs. A government spokesman said, quote, if war is what the U.S. wants, be it a tariff war, a trade war, or any other type of war, we're ready to fight till the end. Steve now wants to move even more production out of China.
The Journal.
The Trade War With China Is On
Coming up... what all this disruption looks like for the world's second largest economy, China. The new trade war between China and the U.S. is rippling through China's massive manufacturing sector. Our colleague Hannah Miao has been talking to Chinese companies about their experience with the tariffs.
The Journal.
The Trade War With China Is On
What do they say they're going to do? Are they going to like move or build new production facilities somewhere else?
The Journal.
The Trade War With China Is On
These vendors' concerns largely focused on the new tariffs Trump imposed on China yesterday. Many of these companies make products there. And to avoid the tariffs, they're thinking about moving their operations out of China altogether. Like Steve Greenspan, CEO of a company that sells home organization products.
The Journal.
The Trade War With China Is On
Hannah spoke with a lawyer in southeastern China who works with local manufacturers. And he said his phone has been buzzing with messages and calls from his clients.
The Journal.
The Trade War With China Is On
If more and more manufacturing leaves China, what will that do to the Chinese economy?
The Journal.
The Trade War With China Is On
Hundreds of vendors crowded into a Chicago convention center this week for the country's biggest homeware trade show.
The Journal.
The Trade War With China Is On
Are Chinese manufacturers worried that if they move their production out of China to Vietnam or Malaysia or Indonesia, say, that... the U.S. will then hit those countries with tariffs?
The Journal.
The Trade War With China Is On
And if one of the goals of these tariffs is to bring manufacturing back to the U.S., but companies are moving to Southeast Asia, are these tariffs having the intended effect?
The Journal.
The Trade War With China Is On
And you're moving to avoid the tariffs from Chinese imports.
The Journal.
The Trade War With China Is On
Before we go, we wanted to tell you that we're planning a live event for the show and we want to know what you think. Take our survey by following the link in our show notes and leave your email address to be the first to know when it's happening. That's all for today, Wednesday, March 5th. The Journal is a co-production of Spotify and The Wall Street Journal.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
So we've moved from the era of North American cooperation to a full scale trade war.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Before we go, we're interested in hearing from you. Do you have any questions about what's happening with the Trump administration, about Trump's speech to Congress or the war in Ukraine or tariffs? Email us and let us know. Please send us a voice note to thejournalatwsj.com. That's thejournalatwsj.com. That's all for today, Tuesday, March 4th.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Christopher Otz. Thanks for listening. See you tomorrow.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
If you could use one word to describe the conversations that are going on in the auto industry right now, what would it be?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Tuesday, March 4th. Coming up on the show, the trade war is here, and it's causing chaos for carmakers.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Thomas's company makes parts for vehicles, things like the shelves inside Amazon vans and those spare tire holders at the back of Jeeps and Ford Broncos. How long have you worked in the automotive industry?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
And what's the one word you would use to describe how the auto industry is feeling today?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
That's our colleague Mike Kalias. He covers the auto industry and is reporting on how Trump's tariffs are going to affect carmakers.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
How will these tariffs impact the U.S. auto industry?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
When we talk about an American-made car, what does that mean in reality?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
The auto industry's supply chain was shaped by the North American Free Trade Agreement. NAFTA took effect in 1994 and created a free trade zone between the U.S., Canada and Mexico. Here's President Bill Clinton at the time.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
President Trump in his first term began renegotiating NAFTA. And that deal, known as USMCA, was finalized in 2020.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Under both deals, there were no tariffs imposed on car parts and materials. And so car manufacturing continued to move regularly across the borders with Mexico and Canada. So now the auto supply chain includes thousands of companies sending parts back and forth across borders multiple times.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
When Trump started floating the idea of 25% tariffs on Mexico and Canada, how did the automakers react?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
How much of your production is in the U.S. and how much is outside of the U.S. ?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Now that the tariffs are in place, What's the auto industry going to do? That's next. When Thomas Koval, CEO of Leggera Technologies, first heard tariffs might be coming, he tried to come up with a lot of solutions.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
So you anticipate passing along these tariffs to your customers, Ford or Jeep or whoever, and then they will pass it along to the consumer, right?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Are you considering moving your supply chain into the U.S.?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
As of today, those materials will be subject to a new 25% tariff.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Yeah. What does that mean? Build a bank of material?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Do you understand the rationale behind the tariffs?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
And given the world that we're in, what is the thing you would ask for? Would you ask for just pledge to keep these tariffs in place so there's certainty and you can work around it? Or for them to go away?
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
President Trump has said these tariffs are necessary to fight fentanyl trafficking and illegal migration, as well as to build up U.S. manufacturing.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Trump's tariffs have ignited a trade war. Overnight, China announced new tariffs after Trump added another 10% levy on Chinese goods. Mexico's president said she planned to retaliate, and Canada said it would impose 25% tariffs on nearly $100 billion worth of U.S. imports. Trump then warned Canada that he could raise his tariffs even further.
The Journal.
Trump's Tariffs Cause Chaos in Auto Industry
Economists have told our colleague Mike Colias that American consumers will bear the brunt of this trade war.
The Journal.
Trump Family Has Explored Deal with Binance
And are there some guardrails that the White House has put in place?
The Journal.
Trump Family Has Explored Deal with Binance
So looking at this potential deal with Binance, is it any different from the other deals that have happened in the Trump orbit?
The Journal.
Trump Family Has Explored Deal with Binance
That's all for today, Thursday, March 13th. The Journal is a co-production of Spotify and The Wall Street Journal. Additional reporting in this episode by Angus Berwick, Josh Dawsey, Patricia Kaussman, Annie Linsky, Dana Mattioli, and Caitlin Ostroff. Thanks for listening. See you tomorrow.
The Journal.
Trump Family Has Explored Deal with Binance
Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, March 13th. Coming up on the show, the Trump family, a possible crypto deal, and maybe even a presidential pardon. What is Binance and who founded it?
The Journal.
Trump Family Has Explored Deal with Binance
As it grew, Binance came under scrutiny from federal regulators. In response, CZ set up a separate U.S. exchange for American clients to try to allay the regulatory concerns. But then, in 2023, Binance reached a deal with the Justice Department over a sweeping criminal investigation.
The Journal.
Trump Family Has Explored Deal with Binance
And today, the Wall Street Journal came out with a big scoop on a potential deal between the Trump family and a crypto giant.
The Journal.
Trump Family Has Explored Deal with Binance
Binance agreed to settle the investigation and to pay a $4.3 billion fine. And its founder CZ?
The Journal.
Trump Family Has Explored Deal with Binance
In 2023, the crypto industry was in hard times. Popular exchange FTX had collapsed, and its owner, Sam Bankman-Fried, was convicted of fraud. Federal investigators were cracking down on crypto companies. But now, in 2025, crypto is on an upswing. A few months ago, Bitcoin hit an all-time high of $100,000. Many investors point to Trump's reelection as a good sign for the industry.
The Journal.
Trump Family Has Explored Deal with Binance
But Binance is currently missing out. When did Binance start thinking it could potentially reenter the U.S. market?
The Journal.
Trump Family Has Explored Deal with Binance
Was there a playbook they were following? Like, how did they come up with an idea of what to do?
The Journal.
Trump Family Has Explored Deal with Binance
Witkoff is a real estate investor, a lawyer, and is also Trump's top negotiator in the Middle East and for the war in Ukraine. An administration official denied Witkoff's involvement and said he's in the process of divesting from his business interests. World Liberty Financial declined to comment.
The Journal.
Trump Family Has Explored Deal with Binance
President Trump has made crypto a big part of his agenda. He's even called himself the crypto president.
The Journal.
Trump Family Has Explored Deal with Binance
Why would this kind of deal be appealing to the Trump family?
The Journal.
Trump Family Has Explored Deal with Binance
That's investigative reporter Rebecca Ballhouse. And according to Rebecca's reporting, not only is the Trump family in talks about a stake in Binance, but the founder of Binance, a convicted felon, is also asking for a presidential pardon.
The Journal.
Trump Family Has Explored Deal with Binance
The Trump Organization and Binance didn't respond to requests for comment. Binance U.S. declined to comment. In a tweet today, CZ said he had not had discussions about this potential deal, adding, quote, no felon would mind a pardon. How common is this kind of business deal for a president, but also in the Trump universe?
The Journal.
Trump Family Has Explored Deal with Binance
Coming up, it's not just Binance. How Trump's family has turned his presidency into a cash bonanza.
The Journal.
Trump Family Has Explored Deal with Binance
Since Trump was elected, what has the Trump family's financial picture looked like?
The Journal.
Trump Family Has Explored Deal with Binance
Those settlements have been with companies including ABC News, X, and Meta. Trump's other big financial windfall? Meme coins. Earlier this year, he launched one named for himself. And the first lady launched her own, too.
The Journal.
Trump Family Has Explored Deal with Binance
What has Trump said about these meme coins?
The Journal.
Trump Family Has Explored Deal with Binance
Trump didn't always pay attention to crypto. Just a few years ago, he said it was a disaster waiting to happen.
The Journal.
Trump Family Has Explored Deal with Binance
Trump's administration has rolled back some regulatory threats to the crypto industry. He's signed executive orders regarding crypto, hosted crypto leaders at the White House. And last week, Trump established a strategic Bitcoin reserve.
The Journal.
Trump Family Has Explored Deal with Binance
And this cash bonanza that we're talking about, the deals from the Melania documentary to the settlements to the meme coins, have these raised any concerns or criticism?
The Journal.
Trump Family Has Explored Deal with Binance
During Trump's first administration, conflicts of interest were a big concern. How differently are he and his family operating now in this second term?
The Journal.
Trump 2.0: ‘Just Getting Started’
Yeah, and that view was on full display last week in the Oval Office when J.D. Vance and Trump clashed with Ukrainian President Volodymyr Zelensky.
The Journal.
Trump 2.0: ‘Just Getting Started’
But then it's like Trump's approach, maybe it also kind of works. Because after that whole situation in the Oval Office and Zelensky leaving the White House, we see him going to Europe, meeting with leaders there about getting more military support. And then Zelensky tweets out that he's going to sign the mineral rights deal and like come back to the table, which is what Trump wants.
The Journal.
Trump 2.0: ‘Just Getting Started’
From the Journal, this is Trump 2.0. I'm Kate Leinbaugh. And I'm Molly Ball. It's Friday, March 7th. Coming up, Trump's first speech to Congress, where he lays out how he wants to reshape the economy and foreign policy.
The Journal.
Trump 2.0: ‘Just Getting Started’
All right. So looking ahead, what's coming up? What's on the docket for next week?
The Journal.
Trump 2.0: ‘Just Getting Started’
So we're going from theatrical big speeches in Congress to the brass tacks of getting a budget passed.
The Journal.
Trump 2.0: ‘Just Getting Started’
Hey, this was like tons of fun. Andrew, thanks for joining us.
The Journal.
Trump 2.0: ‘Just Getting Started’
Thank you, Andrew. And Molly, thanks for letting me moonlight on your show. Thank you so much, Kate. It was really fun. Before we go, do you have any questions about what the Trump administration is doing? Please send us a voice recording to thejournalatwsj.com. That's thejournalatwsj.com. Trump 2.0 is part of The Journal, which is a co-production of Spotify and The Wall Street Journal.
The Journal.
Trump 2.0: ‘Just Getting Started’
This episode was produced by Enrique Perez de la Rosa and edited by Catherine Whalen with help from Tatiana Zamis. Molly Ball is The Wall Street Journal's senior political correspondent. And I'm Kate Leinbach. The episode was engineered by Nathan Singapak. Our theme music is by So Wiley and remixed by Peter Leonard. Additional music in this episode by Peter Leonard and Blue Dot Sessions.
The Journal.
Trump 2.0: ‘Just Getting Started’
Fact-checking by Kate Gallagher. Artwork by James Walton. Trump 2.0 will be back with a new episode next Friday. See you then.
The Journal.
Trump 2.0: ‘Just Getting Started’
I'm Kate Linebaugh, co-host of The Journal. And I understand this podcast, Trump 2.0, is about Trump's first 100 days. You are correct. How many days into Trump's presidency are we? Let me see. 46 days. So we're not even halfway to that 100-day benchmark. But this week, we did hit an important milestone. Trump laid out his vision for the country in his first speech to Congress.
The Journal.
Trump 2.0: ‘Just Getting Started’
So, Molly, on Tuesday night, you were there in the House chamber for Trump's presidential address to a joint session of Congress. And going into this speech, there was a ton going on. There had been this major fissure between the U.S. and Ukraine. There had been the launch of 25 percent tariffs against Mexico and Canada. And the stock market was tanking.
The Journal.
Trump 2.0: ‘Just Getting Started’
So with that as background, what do you think was Trump's goal with this speech?
The Journal.
Trump 2.0: ‘Just Getting Started’
We wanted to bring in someone with some White House expertise to help unpack Trump's speech. So today we're joined by our White House editor, Andrew Restuccia.
The Journal.
Trump 2.0: ‘Just Getting Started’
And in the background here, while this is all going on, the Democrats are holding up little black signs and sitting down and looking grouchy.
The Journal.
Trump 2.0: ‘Just Getting Started’
So those were like, as you said, the theatrical moments, right? But what about the kind of more meaty stuff? What did we learn about Trump's approach to the economy?
The Journal.
Trump 2.0: ‘Just Getting Started’
But at the same time, Trump... is out there enacting tariffs, which will cause prices for Americans to jump. So how is all of this going to go down?
The Journal.
Trump 2.0: ‘Just Getting Started’
Hey, Molly. Hey, you're not Ryan. I am not Ryan. No, Ryan's off this week, so you've got me.
The Journal.
Trump 2.0: ‘Just Getting Started’
Well, can they achieve it when they're constantly temporary or being put off 30 days and then rolled back and exemptions being given?
The Journal.
Trump 2.0: ‘Just Getting Started’
But using tariffs as a way to encourage businesses to move manufacturing back to the United States feels like it can work. We talk to people who are doing it. Honda is going to make the Civic in the U.S. now. But if the policy keeps going on and off, will it achieve those aims?
The Journal.
Trump 2.0: ‘Just Getting Started’
I think that Americans who voted for Trump love seeing him stick up for the country and advocate for bringing manufacturing back and American jobs.
The Journal.
Trump 2.0: ‘Just Getting Started’
What did it tell you about where Trump is taking the country?
The Journal.
Trump 2.0: ‘Just Getting Started’
All right. It's time for a quick break. And when we come back, Molly's going to take one of your questions. Stay with us. OK, Molly, we got a question from a listener named Nolan Bauer in St. Paul, Minnesota. Here he is.