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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