- Markets including cryptocurrencies have responded negatively to the new U.S. tariff policies.
- Bitcoin fell 7.6% to $77,300 while Ethereum dropped 14% to $1,555 following the tariff announcements.
Bill Ackman, a hedge fund manager and supporter of Donald Trump, has called for a 90-day suspension of the upcoming U.S. tariff escalation scheduled for April 9. In a post on X (formerly Twitter), Ackman warned that without this pause, the country risks facing an “economic nuclear winter” that would severely damage business confidence, halt investments, and trigger widespread job losses.
“This is not what we voted for,” Ackman wrote on the social media platform. “Business is a confidence game. The president is losing the confidence of business leaders around the globe.”
Trump’s Tariff Plan Under Scrutiny
Ackman’s concerns follow President Trump’s recent announcement of significant new tariffs, including a 25% levy on foreign-made automobiles, a 10% “minimum baseline tariff” on imports, and additional “reciprocal tariffs” targeting countries that impose duties on American goods.
Speaking from the White House Rose Garden last week, Trump stated, “Our country and its taxpayers have been ripped off for more than 50 years, but it’s not going to happen anymore.”
Economists have criticized the administration’s approach—which calculates tariffs by dividing trade deficits by imports—as overly simplistic and potentially harmful. “By placing massive and disproportionate tariffs on our friends and our enemies alike… we are in the process of destroying confidence in our country as a trading partner,” Ackman noted in his statement.
Cryptocurrency Markets React Negatively
The uncertainty surrounding the new trade policies has significantly impacted financial markets, particularly cryptocurrencies. Bitcoin (BTC) dropped to $77,300 on Monday, representing a 7.6% decline over 24 hours and erasing nearly $70 billion in market capitalization. Ethereum (ETH) experienced an even steeper fall, dropping 14% to $1,555 in a single day, according to CoinGecko data.
This market downturn follows a brief Bitcoin rally last Thursday when the cryptocurrency surged to $87,800 during Trump’s tariff announcement before quickly retreating.
Tracy Jin, COO of MEXC Exchange, told Decrypt, “The market is easily manipulated in its current state. This carries the threat of new disappointments… and this will call into question the status of Bitcoin as a safe haven asset, which may lead to an even sharper outflow of funds from the ETF.”
Jin predicts a potential further decline in Bitcoin prices to the “$52,000–$56,000 range” by summer, with Ethereum potentially facing even greater challenges due to structural issues beyond the tariff concerns.
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