Bitcoin Stumbles as U.S. Tariff Shakeup Sends Shockwaves Through Global Markets

Bitcoin takes a 5% nosedive as traders panic-sell on tariff news—because nothing says 'safe haven asset' like knee-jerk reactions to political theater.

Meanwhile, gold bugs smugly adjust their monocles.

U.S. Customs Tariffs

In February, the tariffs were announced, ushering in a series of events. To date, some nations have not negotiated with the United States. Several countries have not adequately addressed the national emergency declared on April 2, and according to a White House announcement, a few have agreed to sign deals with the U.S.

“President TRUMP has overhauled trade policy, correcting decades of failure. Today’s Proclamation addresses many unilateral trade relations that influence foreign affairs, threaten economic and national security, and disadvantage American workers, emphasizing the commitment to restoring America’s economic sovereignty.” – The White House

The initial announcement highlighted potential gains.

The EU commits to importing $750 billion of U.S. energy by 2028, investing $600 billion, and paying a 15% tax.

Japan is set to invest $550 billion and similarly incur a 15% tax.

The United Kingdom will partially open its market for additional U.S. exports, excluding tax rates.

New trade agreements with Indonesia, the Philippines, South Korea, Vietnam, and other countries will expand their markets to the U.S.

Below are quick essential details about rates and logistical precautions:

• Trump increased tariffs on Canadian goods from 25% to 35%.
• Goods under USMCA are exempt from IEEPA tariffs.
• Goods rerouted to bypass the 35% Canadian tariff will face a 40% transfer tariff.
• Taiwanese products incur a 20% tariff.
• Cambodian goods face a 19% tariff.
• Malaysian goods are subjected to a 19% tariff.
• A 20% tariff applies to Vietnamese goods.
• Swiss products are taxed at 39%.
• Myanmar goods have a 40% tariff imposed.
• Turkish products face a 15% tariff.
• South Korean goods face a 15% tariff.
• New Zealand products are taxed at 15%.

The DXY has increased by 3% in six days.

For the September rate decision, a 60% likelihood of holding steady is anticipated. In October, a 60% chance of a rate cut is expected; last month, this probability was notably higher.

Bitcoin$116,237 holds the $115,800 mark as support for now, with just half an hour until the monthly close.