Why the tariffs will be temporary

Plus, Bessent on Carlson, and market reactions

“The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday's logic.” – Peter Drucker ||

Hi everyone! I hope you’re all doing ok and NOT spending all day looking at screens. Go and hug someone. Seriously, it helps.

Today, I look at how Trump’s tariff policies can be derailed. Congress will eventually act. It has to.

I also share notes on Scott Bessent’s interview with Tucker Carlson – some new insights there.

And in Macro-Crypto Bits, I briefly touch on market moves, the latest key economic data, recession predictions, and China’s reaction.

I’m pushing the “Coming Up” section to tomorrow because this newsletter is way too long today!

IN THIS NEWSLETTER:

• Why the tariffs will be temporary

• Podcast notes: Scott Bessent on Tucker Carlson

• Macro-Crypto Bits: markets, recession predictions, macro data, China’s reaction

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

Why the tariffs will be temporary

In the ranking of words that are liberally overused, “temporary” has to be way up there. It’s a vague term – in the long run, almost everything is temporary, as in “not permanent”. In the arc of history, entire civilizations have proven to be no more than constructive phases of human evolution. In politics, systems come and go. In economics, timeframes shorten even more.

Unfortunately for our anxiety levels, the modern fire hose of information and our collective addiction to the adrenaline rush of hard-hitting news has shrunk our attention spans and given “temporary” a much tighter remit. This becomes particularly relevant in social media presidencies that thrive on incendiary rhetoric and quick wins.