Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Friday, November 29th, and today we are talking tariffs. Before we get

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All right, friends, hope you are happy and full coming off

of a wonderful Thanksgiving. Since it is a quiet day, we're doing something a little bit different,

going a little bit deeper on a very increasingly important topic, which is, of course, tariffs.

Basically, we're trying to understand what's actually going on and what the

perspectives are beyond all the political bluster, and to figure out what this might mean for all

of us, depending on how different policies get enacted. What's for sure is that President

elect Donald Trump has wasted no time wielding the tariff cudgel. In a Monday evening,

Truth Social Post, Trump raised the threat of tariffs against the nation's closest trading

partners in some of its closest allies. For China, Trump threatened an additional 10%

tariff on all exports. For Mexico and Canada, the threat was 25%. Trump wrote, as everyone is aware,

thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels

never before seen. Right now, a caravan coming from Mexico composed of thousands

of people seems to be unstoppable in its quest to come through our currently open border. Trump pledged to

sign executive orders imposing tariffs on day one in office, adding, this tariff will remain in effect

until such time as drugs, in particular fentanyl, and all illegal aliens stop this invasion of our

country. Both Mexico and Canada have the absolute right

...