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#604: The biggest trade shake-up in 135 years is happening right now. April brought tariff levels that economists say haven't been seen since the 1890s, creating ripple effects throughout the economy. We're seeing a stark disconnect between official economic data and how people feel about their financial future. While the economy added 177,000 jobs in April — beating forecasts — consumer confidence has plummeted to alarming levels. Almost 70 percent of Americans now expect higher unemployment ahead, despite the strong job numbers. The tariffs have triggered some unexpected behaviors. Companies rushed to import goods before prices increased, which ironically pushed the trade deficit to record levels. Consumers went on buying sprees for cars, computers, and other expensive items, fearing they'd soon cost much more. Meanwhile, inflation expectations have surged to their highest levels in decades. What does this mean for investors? Bond markets reacted dramatically, with Treasury yields pos