Can someone explain to me what’s happening with the economy like I’m 5 years old?

I have been keeping myself out of the loop the past few years. I know I may be part of the problem. But I just wanted to protect my peace.

I manage a law firm in a mainly republican office. When Trump was elected, they were very happy. But now they are very quiet. I’ve heard rumblings about the tariffs but don’t know much else.

What is happening?