In this episode of The New Barbarians, Bill and Mark dive into the market-shaking fallout from Trump’s latest tariff reversals and escalations. With a 145% tariff on China, retaliatory measures, and a new wave of uncertainty, we unpack the implications of what we’re calling Liberation Day — a moment on par with Nixon’s gold shock in 1971.

We discuss:

– The breakdown of global trade trust

– Why gold and Bitcoin are rallying while oil tanks

– Carville’s legendary bond market quote and its modern relevance

– The decoupling of the 10-year yield and the DXY

– How institutional flows are fleeing to T-bills and safe assets

– The coming stagflationary environment and policy cornering of central banks

– Why this might just be inning 3 of a long macro reset

Mark also walks through his macro model buckets (economics, markets, and players), while Bill challenges whether the U.S. or China really wins in this new Cold Trade War.

🔗 Follow Our Work:

📜 Substack: Mark R. Connors – https://substack.com/@markrconnors

📜 Harmonic Insights (Bill Mann & Chris Rosa) – https://www.harmoniqinsights.com/

📜 SSRN for research papers – https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2035436

📜 SmartKarma – Chris Rosa — https://www.smartkarma.com/profiles/christopher-rosa/research

📜 SmartKarma – Bill Mann — https://www.smartkarma.com/profiles/william-mann-88ce6ae0-716e-4511-98ee-65b1af2765ff/research

Twitter – The New Barbarians – https://x.com/thenewbarbpod

Twitter – Mark Connors — https://x.com/riskdimensions

🌐 Podcast available on all major platforms!

Chapters

00:00 Economic Turbulence and Trade Wars

06:16 Market Reactions and Economic Indicators

11:54 The Bond Market's Influence

17:37 Global Economic Dynamics and China

27:48 Future Projections and Policy Implications

#thenewbarbarians #cryptocurrency #bitcoin #investing #digitalcurrency #crypto #investing #trading