After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble. 

Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed:

• How markets reacted
• Whether tariffs can bring middle-class jobs back to America
• Who will end up paying the most
• Future possibilities of war, recession and stagflation
• How it all affects crypto

Sponsors:

• Bitwise

Hosts:

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Ram Ahluwalia, CFA, CEO and Founder of Lumida

Guests:

• Steven Ehrlich, High Scribe of the Unchained Kingdom
• Quinn Thompson, Master of Macro at Lekker Capital

Links

Trump Tariffs Shake Markets

• New York Times: A Stunned World Reckons With Economic Fallout From Trump’s Tariffs
• Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans
• New York Times: A Timeline of Trump’s On-Again, Off-Again Tariffs

US Tariff History

• CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934
• Brookings: Did Trump’s tariffs benefit American workers and national security?

Impact on Bitcoin and Crypto

• Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
• Unchained: How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin

The Concerned Consumer and CEO

CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects

NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private

🤝 00:00 Introductions + Quinn’s background

📕 4:09 Trump’s take on U.S. tariff history

📉 6:11 The market’s tumultuous reaction

🏭 11:13 Will tariffs bring manufacturing back to America?

▶️◀️ 12:47 The contradictions in Trump’s policies and the threat of stagflation

⏳ 18:53 Why Trump doesn’t have as much time as he thinks

🥵 24:12 Will American consumers bear the burden?

💥 26:05 Taking a wrecking ball to market psychology

❓ 28:02 Whether Trump inherited a healthy or faltering economy

🫸 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing

❌ 35:11 “This is not the way you go do it.”

🇹🇼 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist?

🪖 47:55 Why the current geopolitical climate is especially dangerous

😱 55:51 Is America heading for a recession?

🤔 01:02:00 How will this affect Bitcoin?

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