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TBL Thinks: Interpreting Tariffs and the Trump Economic Agenda

TBL Thinks: Interpreting Tariffs and the Trump Economic Agenda

Chandni Bhatia's avatar
Chandni Bhatia
Apr 11, 2025
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The Bitcoin Layer
The Bitcoin Layer
TBL Thinks: Interpreting Tariffs and the Trump Economic Agenda
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Dear Readers,

It’s Thinking Time! This week we do a deep dive of White House economic advisor Steve Miran’s speech at an event hosted by the Hudson Institute. We believe that in a time of market volatility that has caused panic and hysteria, this speech offers some insight into what we can expect from the Trump administration.

TBL Thinks is our way to summarize the most important paywalled, longer reads relevant to global macroeconomics, helping you cut through the noise. With that in mind, please enjoy.


The first months of the new administration have sparked an unprecedented push for cost-cutting and efficiency within the federal government—but DOGE Can't Fix The Dollar. Join us on April 16th to hear PhD economist Peter St. Onge explain how bitcoin brings true efficiency to governments while protecting your generational wealth. With macro uncertainty driving a dip in bitcoin prices, now is the time to understand the fundamentals driving the global shift to sound money.

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A New Economic Order - One Focused on Fair Play

White House economic advisor and friend of TBL Steve Miran recently spoke at an event hosted by the Hudson Institute. After watching and rereading this speech several times this week, we wanted to provide you with a summary of its most important points. In this process, we are able to internalize the White House agenda, and we’re processing just how much impact a falling trade deficit could have on the entire US Treasury asset class.

Pulling no punches, Miran opens his speech by calling to attention the US’ role as provider of “global public goods” for the rest of the world by way of security (defense), dollar, and Treasury securities. He explains how both types of securities come at high costs, bringing to attention the risks taken by our armed forces, but also the heavy taxes levied on American citizens to “finance global security,” while on the financial front, calls out the dollar’s reserve function and how there is no cost to the rest of the world to access the US Treasury asset class—a cost-free arrangement that needs to change.

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