By Peter Tchir of Academy Securities

What a week! DeepSeek, Cheap AI, the Fed, some Mag 7 earnings, and now tariffs! We hope that you had your Amps Cranked to 11!

From that "Amps to 11" report, I remain somewhat confused about why Bitcoin is unable to break higher! It is below $100k as we write this report. Virtually everything we've seen from the Trump administration seems to point to good news for crypto. It seems that not just in D.C., but also across the globe and at various state levels, the crypto community is using their influence and contributions to shape policy to their liking. Yet, Bitcoin acts more and more like a "normal" risk asset than something revolutionary about to be bought by a variety of central banks and governments! I do like the EU's Lagarde's adamance that Bitcoin will not be part of any reserves within the EU!

The first wave of tariffs have been announced.

10% on China and Canadian Energy Products.
25% on everything else from Canada and on Mexico.

The assertion is that these tariffs are linked to these countries not doing enough to fight the fentanyl trade, presumably providing an off-ramp if these countries demonstrate progress on the front.

Stopping The Flow of Fentanyl

The president has gone out of his way to link these tariffs to the flow of fentanyl. That is important as it seems that if Canada, Mexico, or China demonstrate new or improved efforts to stop the manufacturing and distribution of fentanyl, the tariffs can be rescinded.