Economic markets were rocked by the news of new tariffs in the United States. President Donald Trump announced the introduction of a 10% base tariff on imports, leading to significant declines in both stock and cryptocurrency markets.
Trump Tariffs: 10% Base Tariff for All Countries
In an executive order imposing the tariffs, Trump stated that the trade relationship with its partners "has become highly imbalanced, particularly in recent years." Starting April 5, the US will impose a 10% base tariff on imports from all countries, with higher rates of 34% on China, 20% on the EU, and 24% on Japan.
Crypto Fear and Greed Index Falls
Following Trump's announcements, the crypto market took a hard hit. The Crypto Fear and Greed Index dropped from a "Fear" score of 44 to an "Extreme Fear" score of 25 over the last 24 hours.
Crypto Liquidations Exceed $400 Million in 24 Hours
According to Coinglass, crypto liquidations reached $488 million in the past 24 hours, with major losses experienced by Bitcoin and Ethereum traders, amounting to $179.45 million and $88.75 million, respectively.
The US tariff decision has had a significant impact on global financial markets. The resulting declines in stocks and cryptocurrencies highlight instability in the current economic climate.
