Insiders React: Trump's Tariff Meltdown + Startup Valuations Crash, Shopify Goes Full AI

Is AI just a buzzword — or the key to survival in a volatile startup landscape?

In this episode, Chris Saad and Yaniv Bernstein break down Donald Trump’s shocking “Liberation Day” tariffs and the ripple effect it could have on the global economy — and on your startup.

As fears of a recession mount and market uncertainty grows, we explore what founders need to do to weather the storm, protect their valuations, and rethink growth strategies in turbulent times.

Plus, we dive deep into Shopify CEO Tobi Lütke’s viral internal memo that sets bold new expectations for AI adoption across the company. What can you learn from Shopify’s AI playbook, and how should you apply it inside your own early-stage startup?

In this episode, you will:

• Understand how Trump’s tariffs could trigger a global trust crisis and slow startup growth.
• Learn why “multiple compression” will likely shrink your valuation — even if you're early-stage.
• Discover how to reposition your startup’s narrative in a world hungry for efficiency.
• Get the inside scoop on Shopify’s viral AI memo — and what it means for founders.
• Adopt a founder mindset that treats AI use as mandatory, not optional.
• Explore practical ways to prototype, launch, and scale with minimal team size.
• Avoid common mistakes in relying too heavily — or too little — on AI tools.

The Pact

Honour The Startup Podcast Pact! If you have listened to TSP and gotten value from it, please:

• Follow, rate, and review us in your listening app
• Subscribe to the TSP Mailing List at⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thestartuppodcast.beehiiv.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Secure your official TSP merchandise at⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://shop.tsp.show/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Follow us on YouTube at⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/@startup-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Give us a public shout-out on LinkedIn or anywhere you have a social media following.

Key links

• The Startup Podcast is sponsored by Vanta. Vanta helps businesses get and stay compliant by automating up to 90% of the work for the most in demand compliance frameworks. With over 200 integrations, you can easily monitor and secure the tools your business relies on. For a limited-time offer of US$1,000 off, go to⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.vanta.com/tsp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.
• Get your question in for our next Q&A episode:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://forms.gle/NZzgNWVLiFmwvFA2A⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• The Startup Podcast website:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://tsp.show⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn more about Chris and Yaniv

Work 1:1 with Chris:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://chrissaad.com/advisory/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Follow Chris on Linkedin:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/chrissaad/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Follow Yaniv on Linkedin:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/ybernstein/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Credits

Editor:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Justin McArthur⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Content Strategist: ⁠Carolina Franco⁠ 

Intro Voice:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jeremiah Owyang⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠