Bankless Nation, welcome to the weekly roll-up each week. I'm bringing on a different co-host to help me go through the news.

And this week, I have the pleasure of being joined by Alex Thorne, head of research at Galaxy Digital.

Happy Friday, Alex. Happy Liberation Day. Do you feel liberated today?

I feel liberated from my stock games, David. But yes, happy Liberation Day.

Thanks for having me.

We are going through some of the most chaotic news events in recent memory at the very least,

may be marked by this extremely iconic photo that I have up on the screen of Trump holding

what looks like a photoshopped, like board in his hands, but it is actually

real. And it is a poster of reciprocal tariffs of just basically every single country in under

the sun. And so we'll kind of go through some of the facts and I'll get your takes on it, Alex.

So yesterday, April 2nd, Donald Trump declared Liberation Day by announcing a series of significant

tariffs aiming at reshaping U.S. trade policy. These measures included a 10% universal tariff on all

imports with higher reciprocal tariffs targeting specific countries based on their trade practices.

For instance, China faces a 34% tariff. The European Union has 20%, Japan is 24%.

So some of our largest United States trading partners got hit with tariffs that are much higher than I

think anyone could have like reasonably expected. And Trump just touted this as just the new dawn

for America. While this was going on at 4.25 p.m., like five minutes before

markets closed, the S&P futures were trading at 1.7% higher. And then by 4.42 p.m., just under 20

minutes later, the S&P 500 had erased over $2 trillion in market cap on the news of all of these reciprocal

tariffs. All the tariffs that are being announced by this Liberation Day announcement,

over 180 countries are being impacted, which is like all of them. And then there's also

sector-specific tariffs, mainly the automobile industry.

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