On April 2, U.S. President Donald Trump announced new import tariffs on over 180 countries, triggering a sharp decline in the cryptocurrency market.
Introduction of New Tariffs
Donald Trump announced the imposition of new tariffs on imports from over 180 countries without exceptions. He stated that the U.S. is charging other countries approximately half of what they charge the U.S. This marks one of the biggest shifts in U.S. trade policy in decades.
Countries Respond and Potential Trade War
Many countries reacted quickly. Mexico and Canada intend to impose their own tariffs in response to U.S. actions. This could lead to a new trade war, which typically hurts businesses and consumer prices.
Impact on Cryptocurrencies and Traditional Markets
Following the tariff announcement, the cryptocurrency market plummeted: Bitcoin fell by 1.28%, Ethereum by 2.8%, Solana by 3.45%. Gold futures hit record levels, reflecting investor fear and uncertainty. The situation underscores the importance of stable assets in volatile times.
Trump's new tariffs have disrupted the global market, causing cryptocurrencies to fall and gold prices to rise. Whether this will lead to fairer trade or a full-blown trade war remains to be seen.
