ROLLUP: Trump Tariff Whiplash | China Trade War | Inflation Jitters | Paul Atkins New SEC Chair | MegaETH Testnet
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Bank of the nation. Welcome to the weekly roll up this week. I have the pleasure of being joined one last time with Haseeb Qureshi, GP over at Dragonfly. Haseeb, once again, happy Friday. It's an honor have you. Thanks for having me, man. I know you're, just waking up and, processing what has happened in the world over the last, twelve hours or so. You're you're on the other side of the world at the moment in in Singapore, so we're we got the world surrounded. How are you feeling? It was a long week, dude. How are you how are you doing?
I am I am exhausted, not just from traveling here, but just, like, the the sheer volume of whipsawing happening in traditional markets. It kinda feels like everything trades like crypto now. It's Mhmm. Just total total insanity in the traditional world.
Let me run through we'll just speed run through the last seven days of events starting with Liberation Day tariffs that were announced last week on Wednesday evening. This implemented a 10% baseline tariff on the whole planet and additionally 86 countries that had much higher reciprocal trade, tariffs in the 30 to 80% range. Staggering tariffs, levels never before seen before, which immediately sent the stock market plummeting, because the market really believed that Trump was serious about these tariffs. So from Liberation Day peak to trough, the S and P 500 declined 16%, setting a record for
So to clarify, China is actually at 145% because it's
stacked on top of the
previous 20%.
Mhmm. So 145% for China and then 10% for the rest of the world on it with a ninety day pause. This was posted on Truth Social, which gave huge relief to the to the to the whole market. The market immediately started rallying. He posted, on Truth, based on the lack of respect that China had shown to the world's market, I am hereby raising the tariff charged to China by The United States effective immediately. It was also later revealed that secretary Bessin had actually written this post to be posted by Donald Trump. And this is kind of the the art of the deal that people are crediting Donald T
I I'm definitely more on the checker side than the chess side. And I think, you know, if you just if you just go through the overview of, like, the series of events you you laid out, you might have thought that, like, This was a very clever gambit to try to selectively enter into a trade war with China. Now if you actually unwind a little bit and you go look at the play by play of what he did and how he did it, it suddenly becomes very clear that a lot of the moves individually that Trump was making did not make sense. Okay. So let me let me let me elaborate because I think last time I was on
of course, worth. I
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