On this week’s episode of The Big 3, CPA economists Mihir Torsekar and Andrew Rechenberg focused on a new metals proclamation, a pharmaceutical proclamation, and the one-year anniversary of President Trump's Liberation Day tariffs. The team explain why the new metals action is so significant: steel, aluminum, and copper tariffs will now apply to the full customs value of imported products rather than just the declared value of their metal content, a change aimed at stopping chronic undervaluation and customs gaming. They also noted the new tiered structure and the need to keep exemptions narrow.

Second, the conversation turned to pharmaceuticals, where the administration made a positive national-security finding and imposed a 100% tariff on patented brand-name drugs and key inputs for companies without U.S. production plans, while creating lower tariff tiers for firms that invest onshore. The hosts welcomed the move but argued generics still need to be included, given their central role in U.S. healthcare.

Finally, they assessed Liberation Day one year on, arguing that the worst tariff predictions never materialized. Instead, they pointed to stronger durable goods orders, rising industrial production, sector-specific gains in metals and autos, and little evidence that tariffs are meaningfully driving inflation.

THIS WEEK'S EPISODE OF "THE BIG 3" focused on the national security risks of America’s dependence on China for critical minerals processing, especially in the lead-acid battery supply chain.

CPA senior economists Mihir Torsekar and Andrew Rechenberg were joined by retired Major General Bill Crane and retired Rear Admiral Peter Brown to discuss CPA’s new report with the Responsible Battery Coalition on how the United States can reverse China’s dominance in minerals processing.

The conversation first explored why lead-acid batteries remain indispensable to the American economy and military readiness, powering everything from trucks and hospitals to telecom systems and defense infrastructure.

The second segment examined the strategic vulnerability created by China’s control over antimony processing, ports, shipping, and industrial inputs, with guests warning that America has offshored not just production, but surge capacity in the event of conflict.

The final segment turned to policy solutions, including Project Vault, tariffs, domestic stockpiling, maritime capacity, and the importance of extending the 45X tax credit to encourage onshore processing and manufacturing.

The message was clear: Economic security and national security are inseparable, and rebuilding America’s industrial base is essential not only for today’s competitiveness, but for future generations.