In this episode, the discussion centers on President Trump’s ambiguous ‘Liberation Day’ and its potential to redefine global trade policy. The analysis highlights key dates when retaliatory tariffs from Canada and a 25% U.S. auto tariff could set the stage for a dramatic escalation in tariffs, possibly raising U.S. rates from about 2.5% to as high as 35%. The podcast outlines tactical portfolio strategies that favor long risk assets while hedging against trade policy volatility, supported by quantitative signals of economic slowdown and a late-cycle, policy-uncertain market regime. It also examines risks such as a significant contraction in U.S. GDP and challenges to the dollar’s dominance, alongside opportunities for safe-haven assets like gold and Bitcoin. Finally, the episode addresses whether U.S. equities can sustain outperformance amid a potential secular decline of the dollar, urging tactical diversification while holding core positions.