Trump: US is putting Secondary Tariff on the Country of Venezuela — Any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country. All documentation will be signed and registered, and the Tariff will take place on April 2nd, 2025

TRUMP: TARIFFS FOR DOING BUSINESS WITH VENZUELA WILL BE ON TOP OF EXISTING TARIFFS

GAMESTOP: TO ADD BITCOIN AS A TREASURY RESERVE ASSET

GAMESTOP'S INVESTMENT POLICY PERMITS INVESTMENTS IN CERTAIN CRYPTOCURRENCY ASSETS, INCLUDING BITCOIN AND U.S. DOLLAR-DENOMINATED STABLECOINS

*GAMESTOP ANNOUNCES $1.3 BILLION CONVERTIBLE NOTES PRIVATE OFFERING

*GAMESTOP PLANS BITCOIN ACQUISITION WITH PROCEEDS FROM NOTES OFFERING

*NOTES ARE 0.00% CONVERTIBLE SENIOR NOTES DUE 2030

*TRUMP: 25% TARIFF ON AUTOS NOT MANUFACTURED IN UNITED STATES
*TRUMP: IF PARTS ARE MADE IN AMERICA AND CARS IS NOT, THEN PARTS NOT TARIFFED
*TRUMP: AUTO TARIFFS ARE PERMANENT

*WH OFFICIAL: CARS COMING INTO THE U.S. UNDER THE USMCA TRADE AGREEMENT WILL BE TARIFFED ACCORDING TO THEIR FOREIGN PART CONTENT.
*WH OFFICIAL: NO WAY FOR OTHER COUNTRIES TO GET EXEMPTION.

*TRUMP: RECIPROCAL TARIFFS ON APRIL 2 WILL BE ON ALL COUNTRIES

TRUMP: If the EU works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned will be placed on them both in order to protect the best friend that each of those two countries has ever had!

GAMESTOP SHARES DOWN 23%

*US FEB. PCE PRICE INDEX RISES 0.3% M/M; EST. +0.3%
*US FEB. PCE PRICE INDEX RISES 2.5% Y/Y; EST. +2.5%
*US FEB. CORE PCE RISES 0.4% M/M; EST. +0.3%
*US FEB. CORE PCE RISES 2.8% Y/Y; EST. +2.7%

*US FEB. PERSONAL INCOME RISES 0.8% M/M; EST. +0.4%
*US FEB. PERSONAL SPENDING RISES 0.4% M/M; EST. +0.5%
*US FEB. REAL PERSONAL SPENDING RISES 0.1% M/M; EST. +0.3%

*ELON MUSK: XAI HAS ACQUIRED X IN AN ALL-STOCK TRANSACTION FOR $45 BILLION, INCLUDING $12B DEBT, VALUING XAI AT $80B AND X AT $33B

GOLD HITS RECORD HIGH, RISES TO $3,100

The Week Ahead:

Mon/31:
*AI: Midjourney V7 release

Tue/01: April Fool’s Day
*GameStop’s $1.3B convertible notes sale expected to close

Wed/02:
*Trump’s Tariff ‘Liberation Day’ (reciprocal tariffs); Canada, China, EU is set to impose retaliatory tariffs; Options Market Focused on Jobs & Inflation Over Tariff Reveal
*House Financial Services to vote on STABLE Act (stablecoin bill)

Thu/03:
*Trump's 25% auto tariff will come into effect
*Crypto: BUIDL ($500M), Superstate ($300M), Centrifuge ($200M) Win Spark’s $1B Tokenization Grand Prix. Vote scheduled for final allocation

Fri/04:
*US Non-Farm Payrolls (est. 138k, prev. 151k)
*Fed Chair Powell Speech At 11:25 AM
*Fed's Waller speech At 12:45 AM

Sat/05:
*TikTok deal deadline

WHOLE WEEK:
*U.S. Senate is expected to vote on a budget resolution

Trump's Liberation Day: tldr

Trump will announce tariffs at Rose Garden April 2nd at 4pm ET

*Mexico, Canada, China, Japan, South Korea, EU and others has said they will put retaliatory tariffs if US goes ahead with reciprocal tariffs.

*Trump said TikTok deal might link to China tariffs.

*Trump said will impose additional tariffs on Russian oil if unable to make a deal on Ukraine.

*Trump threatens bombing & secondary tariffs on Iran if Tehran does not make a deal on nuclear program.

*Trump said he's committed to sectoral tariffs.

*Trump said tariffs will be mutual, but we will be more pleasant, relatively lenient on tariffs... It's reciprocal, but we might be even nicer than that.

*Trump said If you do tariff exemptions for one, you have to do for all...There will be flexibility on tariffs. Basically it's reciprocal.

*Tariffs impact on US including imposed & threatened tariffs: $785B (world), $606B (EU), $445B (china) and $727B or ~$100B (Canada & Mexico depending on USMCA goods get targeted or not)

*Trump has made up his mind on tariffs, on what he’ll announce on April 2nd.

*Reciprocal Tariffs will be on all countries and will take effect immediately following the announcement.

Update: Three options are in discussion:
1. 20% universal tariff on virtually all imports.
2. Reciprocal plan that would apply different tariffs to different countries.
3. An across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option.
*It still isn't clear which option Trump will choose.

USDC STABLECOIN ISSUER CIRCLE FILES FOR IPO

Circle to List Class a Common Stock on NYSE Under Symbol 'CRCL': Filing

Number of shares or price range not yet disclosed in the filing. Circle targeting a market debut as early as June per Fortune.

JPMorgan, Citi, Oppenheimer are some of the underwriters and Circle is seeking a $4 billion to $5 billion valuation per multiple reports.

MEXICAN PRESIDENT SHEINBAUM SAYS WILL NOT IMPOSE TIT FOR TAT TARIFFS

*U.S. TO IMPOSE 10% ACROSS-THE-BOARD TARIFF ON ALL IMPORTS, PRESIDENT TRUMP SAYS: WSJ

*US TO SET BASELINE TARIFF RATE OF 10% FOR ALL COUNTRIES

34% TARIFF ON CHINA
20% ON EU
26% ON INDIA
24% ON JAPAN
32% ON TAIWAN
46% ON VIETNAM
10% ON UK
25% ON SOUTH KOREA
36% ON THAILAND
31% ON SWITZERLAND
49% ON CAMBODIA
10% ON BRAZIL
10% ON SINGAPORE
30% ON SOUTH AFRICA

*US TO SET BASELINE TARIFF RATE OF 10% FOR ALL COUNTRIES

*RECIPROCAL TARIFFS WILL GO INTO EFFECT ON APRIL 9

*BASELINE TARIFF RATE WILL GO INTO EFFECT ON APRIL 5

*CANADA, MEXICO EXEMPT FROM NEW RECIPROCAL TARIFFS FOR NOW AS EXISTING 25% FENTANYL/MIGRATION LEVIES REMAIN; USMCA GOODS AT 0%, NON-USMCA AT 25%, ENERGY/POTASH AT 10%.

*TERMINATION OF FENTANYL/MIGRATION TARIFFS WOULD TRIGGER 12% RECIPROCAL TARIFF ON NON-USMCA GOODS.