Trump's Taco Trade and the Dollar's Dangerous Game

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 June 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Markets settle on the "taco trade," betting Trump won't push tariffs too far—but uncertainty reigns as China tensions linger, automakers scramble over rare earth metals, and CEO confidence plummets. Meanwhile, Trump's massive spending bill sparks bipartisan backlash, Elon Musk fumes over budget bloat, and discussions heat up about ditching the debt ceiling entirely. Plus, the weaponization of the dollar gains momentum as geopolitical conflicts put foreign reserves at risk. Is the financial system signaling distress, and does Bitcoin offer a way out? Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.3	It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:18.4	What's going on, guys? It is Monday, June 9th, and today we are talking macro. Before we get into that,
0:24.6	however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,
0:28.7	or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:32.8	You can find a link of the show notes or go to bit.ly slash breakdown pod.
0:36.4	Well, friends, I am coming to you from the past.
0:39.8	I am traveling today, so I am actually recording this macro overview a few days in advance
0:46.1	of when it releases.
0:47.4	In fact, right now, the biggest thing going on is that Circle is just absolutely
0:50.7	exploding out of the gate post-IPO, trading it like three times what it started at.
0:56.0	People are stoked the community is on fire. And so it is entirely possible that everything I am
1:00.5	about to say is completely changed by the time you hear this. But let's assume that it's not.
1:05.0	And as I said, it's been a while since we talked macro. That is not because of a lack of interesting
1:09.9	things going on. Throughout May,
1:11.7	we still had tariffs flicking on and off, a huge budget bill, greatly eclipsing the meager savings
1:16.2	eked out by Doge, and boy, setting up a hell of a fight there. I'm also recording this right
1:21.3	as that epic bromance just absolutely explodes all over the pages of Twitter slash X,
1:26.4	and of course a ratcheting up of the debate about
1:28.6	U.S. debt. The issue has been that macro stories were often outdated by the time the show was
1:33.5	released. Now, the idea that a daily show isn't able to keep up with macroeconomic stories is
1:37.9	absolutely wild, but that's been the state of play during this administration.
	...

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