| This is Bloomberg Opinion Today, a sincere recognition of the complexity of Bloomberg Opinion's opinions. On Sundays, we look at the major themes of the week past and how they will define the week ahead. Sign up for the daily newsletter here. Before we get to tariffs — and you know we are going to get to tariffs — here is a question: Would you rather be portly plumber, a prehistoric pack animal, an irascible ape, a fire-breathing turtle or … a beautiful, bubbly princess in a pink chiffon dress who rules over a magic mushroom kingdom? I can't believe that is even a question. Because copyright is horrible, I can't show you the real thing, but even as an amusement park icon, look at how lovely Princess Peach is:  That's a peach, hon. Photographer: Chris Delmas/AFP/Getty Images And yet, according to the infallible resource that is Reddit, she is the most popular Nintendo character in only one state: Texas.  Source: r/Mario Meanwhile, these cosplay clowns — Donkey Kong, Bowser, Mario, Yoshi — have America in their clutches: [1]  Photographer: Roy Rochlin/Getty Images for ReedPop Virtual life as a damsel in eternal distress is so charming that I plunked down $300 for a Nintendo Switch — and pay a monthly online-gaming fee so I can compete with my daughter in her far-off land known as Brooklyn — to play just one title: the frantic car-racing game Mario Kart 8. And it's worth every penny. Question is, am I willing to pay $530 for the soon-to-be-released Switch 2 just to play Peach in a next-generation game, Mario Kart World? Gearoid Reidy, who attended Nintendo's big unveiling last week, questions the investment. "I came away from the presentation unconvinced by the overall value proposition," Gearoid writes. "This time around, with major improvements but no massive innovations, there is a sense of paying more for less." Here's the thing though: What makes the new Kart game such an improvement is that instead of taking part in a series of races on a limited number of isolated courses as you do in Kart 8, you can roam across a vast interconnected world of racetracks, competing against up to 24 online rivals at once. Look at it this way: You build up a trade deficit with Japan, but the overall gains of free globalized interaction will more than make up for it. See, I told you we would get to tariffs. Wednesday was President Donald Trump's "Liberation Day" — a tariffiesta that will be remembered in infamy, or at least until Trump simply changes his mind like usual and drops the whole thing. The Editorial Board has a more forgiving take on Trump's flip-floppiness: "The new policy seems designed to spur negotiations, forcing trade partners to reconsider their own barriers. It's thus a work in progress, with no clear end." (Bloomberg News has put together a fantastic interactive tracking chart — see if you can keep up with Trump's whims!) [2] If the Switch 2's hefty price tag was a sort of preemptive strike against punishing duties — the company's main manufacturing sites are in China (34% tariff under the new plan) and Vietnam (46%) — it didn't work: On Friday, Nintendo announced a freeze on pre-orders from US customers. Unfortunately, your gaming needs aren't the only necessities of life that are going to be a lot more expensive for American consumers. "The onslaught will hurt exports of Louis Vuitton handbags and Rolex watches, likely making them even pricier for US buyers," Andrea Felsted writes. "But for the broader fashion and retail industry, the most damaging element of 'liberation day' will be the heavy duties imposed on Vietnam, Bangladesh, Cambodia and Indonesia, where many apparel, furniture and footwear companies have shifted their production." Better snap up that Hermès Black Veau Volupto Rock Birkin 25 bag with palladium hardware while it's still a relative bargain at $64,000. What if your daily essentials are more mundane — shoes, shirts, Järvfjällets? "Tariffs won't affect every part of the consumption basket equally. Some categories, particularly automobiles, home furnishings and apparel, will bear the brunt of the levies, with prices on imported goods likely to soar (giving domestic producers an excuse to follow suit)," writes Conor Sen. "Money from unbought tennis shoes can go to tickets for the latest versions of Jurassic World or Superman. Instead of buying a new sofa, Americans might choose to go to a baseball game or a bowling alley or an amusement park. Money spent on dining and experiences instead of goods might save the jobs of restaurant workers at the expense of auto workers." Liam Denning has more to say about those auto workers. "Americans buying cars will very soon be liberated from even more of their money than usual. President Donald Trump's incoming 25% auto tariffs ... are expected to add several thousand dollars to the average price of a vehicle in the US (not cheap as it is)," Liam writes. "About half the new passenger vehicles sold each year in the US are imported, with Canada and Mexico accounting for about 40% of those. The Trump administration finds this intolerable." Intolerable, but also omitted. "By sparing Mexico and Canada from his reciprocal tariffs, Trump has kept the pact known as USMCA on life support," writes J.P. Spinetto. "We don't know whether the exception stems from a sincere recognition of the complexity of North America's integrated supply chain or is just a tactical pause to avoid further corporate carnage. But the message is clear: Despite his rhetoric, Trump still gives the USMCA partners some preferential treatment." Letting Mexico off the hook might keep prices down on a Chevy Trax or Ford Fusion, but c'mon, we're not gonna be stylin' our Birkin bag in a Toyota Yaris. Nope, we're gonna drive what James Bond drives: an Aston Martin. And the humble carmaker could really use our cash! "The Trump administration has threatened a 25% tariff on US imports, and these accounted for 37% of Aston Martin's total revenue in 2024," writes Chris Bryant. "While management says tariffs are 'not catastrophic' and the company still aims to become profitable this year on an earnings before interest and tax basis, I'm not confident it will be able to increase prices as easily as Ferrari which expects to hike the cost of new models by as much as 10%." In Mario Kart 8, there is no Aston Martin option, so I usually put Princess Peach behind the wheel of a Mercedes GLA, and my daughter may perch her beloved Toad on a Vespa. But if Trump stands by his self-defeating tariffs, we may all be reduced to driving Biddybuggies:  Source: Youtube Bonus Trade Mistakes Reading: What's the World Got in Store? - UN world health day, April 7: This Isn't How You Make America Healthy Again — Lisa Jarvis
- Fed minutes release, April 9: Trump and the Fed Are on a Collision Course — Clive Crook
- US CPI, April 10: That Smashing Sound Is Piggy Banks Around the World — John Authers
If you think American consumers are going to suffer from Trump's tariffs, just consider the plight of put-upon European business titans. "With JD Vance threatening Greenland, Elon Musk supporting the German far right and Trump pausing enforcement of anti-bribery laws to help US 'competitiveness,' some European executives are asking themselves if they can work with bulge-bracket Wall Street firms in the current climate," writes Lionel Laurent. "It is high time that Europe focus on building up its strengths as a single market of 440 million people with trillions in savings. It needs to work out who its geopolitical friends are, as well as bolster the euro as a true alternative to the US dollar and focus on domestic growth to become less reliant on trade. With so many European industries in the firing line right now, what's needed is a true top-down strategy of economic deterrence." Also one of military deterrence — after eight decades of depending on a superpower that doesn't seem so dependable anymore. "Disputes between allies are nothing new, but this feels different: There is growing alarm, especially in the transatlantic community, that allied dependence is now being exploited by a superpower with an illiberal, revisionist bent," writes Hal Brands. The allies have options! Non-dollar payment systems; smaller defense groupings among themselves; producing more and better weapons; even, EEK!, rushing to build the bomb. "America has derived enormous gains from being the superpower at the center of everything," Hal adds. "The global reordering that Trump is inviting will weaken his own country, as well." Trump may be fine with all this. But Americans shouldn't be. Notes: Please send mushrooms and feedback to Tobin Harshaw at tharshaw@bloomberg.net. | 
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