- Bitcoin’s price fell below $77,000 as markets reacted to Trump’s impending tariffs.
- China faces the steepest tariff rates at 104%, while over 50 countries await their individualized rates.
- Global markets declined amid concerns about economic growth, with the S&P 500 and Nasdaq closing down 1.6% and 2.1% respectively.
Bitcoin dipped below $77,000 on Tuesday as investors braced for the implementation of steep tariffs under President Donald Trump‘s new trade policy. The cryptocurrency was trading at approximately $76,500, representing a 2% decrease over 24 hours, after briefly surpassing $80,000 earlier in the day, according to data from CoinGecko.
The decline comes as the White House prepares to enact its “reciprocal” tariff rates at midnight Eastern Time. These individualized rates follow Trump’s “Liberation Day” announcement last week, which already imposed a baseline 10% tariff on all U.S. imports. White House press secretary Karoline Leavitt confirmed that Chinese imports will face an additional 50% tariff, bringing the total to 104%, as reported by Europe-doge-immigration-live-updates-rcna200068″>NBC News.
Global Response to Tariffs
“It was a mistake for China to retaliate,” Leavitt stated during a press conference, referring to Beijing’s countertariffs of 34% on U.S. imports. Other nations have also prepared countermeasures. Canadian Prime Minister Mark Carney announced on X that 25% tariffs on certain vehicles would take effect at midnight, stating: “President Trump caused this trade crisis — and Canada is responding with purpose and with force.”
U.S. Treasury Secretary Scott Bessent indicated that the White House could hold “meaningful negotiations” with over 50 affected countries in the coming weeks, though he later told Fox News that some negotiations might extend into June.
Market Impact and Analysis
The cryptocurrency market’s response has been relatively contained compared to equities. David Lawant, head of research at crypto market maker FalconX, noted: “The price reaction in BTC has been mild compared to previous broad market sell-offs,” adding that markets might experience “a period of sideways chop or even further deterioration.”
Broader financial markets showed more pronounced reactions to the tariff concerns. The tech-heavy Nasdaq closed down 2.1% on Tuesday, while the S&P 500 fell 1.6%, despite both indices opening in positive territory. Investors fear that the tariffs could squeeze U.S. consumer spending and contribute to a global economic slowdown.
Markets will gain additional insights into the economic impact of Trump’s trade policies later this week when the U.S. Bureau of Labor Statistics releases its Consumer Price Index on Thursday, providing the first inflation reading under the new tariff regime.
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