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, April 4th, and that means it's time for the Friday 5.

Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,

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Sash Breakdown Pod. at L.Y slash breakdown pod. All right, friends, welcome back to another Friday 5.

Lots to discuss today, by which I mean there is lots to discuss about the tariffs.

Obviously, they are the big dominant economic force in the world right now.

And so we discussed them in a number of different ways.

Most excitingly, in terms of why Bitcoin is holding up so well comparatively.

One thing that's for sure is that we do not

live in uninteresting times. And so with that, let's dive into today's show. It's tariff time,

and no one has any goddamn idea what it all is going to turn out to be. And anyone who says that

they do is lying to themselves or to you or to both.

I mean, it's either 40 chess or 1D checkers, and I really have no idea which one it is at this point. I mean, if you look at the comments of Bacent, who's obviously a smart guy and Lutnik and

Trump, it seems like there's a greater plan here, but generally, tariffs are not used as a blunt force

instrument against every person you can possibly find. Usually they're very narrow and targeted

and temporary. And it really feels like they're causing purposeful mayhem. Now, I guess the people who

are huge fans of Trump and the administration will tell you that this is about a strategy to bring down

rates, force the Fed to reduce, to bring manufacturing back home to stimulate the economy.

Some of that makes sense.

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