Bankless ROLLUP: Trump Tariff Crash | Circle IPO | CoreWeave IPO | FDIC Crypto Greenlight
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Apr 3, 2025 
Alex Thorn, Head of Research at Galaxy Digital, shares valuable insights on recent market upheavals stemming from Trump's tariff announcement. He discusses its widespread effects on trade policies and investor sentiment. The podcast dives into Circle's intriguing IPO, revealing financial details that could reshape the crypto landscape, and explores CoreWeave's pivot from mining to AI. Thorn also touches on the growing significance of energy sources like nuclear power in supporting the future of AI development.
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Tariff Confusion
- Trump's tariff announcement caused a $2 trillion market cap drop, impacting over 180 countries.
- The tariffs, initially presented as reciprocal, actually target trade imbalances, confusing investors.
Tariff Calculation Surprise
- The tariffs are based on trade imbalances, not reciprocal tariffs as claimed, causing market uncertainty.
- This approach, taxing trade imbalances rather than retaliating against unfair practices, surprised investors.
Tariff Calculation Confirmation
- Reverse engineering revealed the tariffs are based on a simple trade imbalance calculation, not complex analysis.
- The White House confirmed this calculation after initially claiming to have considered tariff and non-tariff barriers.