Trump’s Tariff Threats Tank Dow Jones by 300 Points as Bitcoin Shatters ATH Records
Markets reel as political volatility meets crypto's relentless rally.
Traditional finance trembles
The Dow Jones plunged 300 points after former President Trump renewed trade war rhetoric—proving Wall Street still hasn't learned to price in political theatrics.
Digital gold shines brighter
Bitcoin laughed at the chaos, punching through another all-time high. Because while fiat markets hyperventilate over protectionist tweets, decentralized assets just keep stacking sats.
Another day, another reminder: your boomer portfolio manager still thinks 'HODL' is a typo.
Dow Jones Industrial Average heatmap on July 11 | Source: TipRanks
Interestingly, Bitcoin (BTC) was much more resilient than the stock market. The token reached a new all-time high for a third day in a row at $118,856, and rallied 4% in 24 hours. Altcoins such as ethereum (ETH) outperformed, with XRP (XRP), Dogecoin (DOGE), and Cardano (ADA) posting double-digit gains.
Trump threatens new tariffs on Canada
Investors were concerned about the effects of President Donald Trump’s latest threats against Canada. TRUMP announced a 35% tariff on Canadian goods, which currently face a 25% rate. Still, some goods will be exempt, including oil, gas, and potash.
These key industrial goods are currently regulated under the USMCA agreement and are subject to a 10% tariff. Canada is one of the largest U.S. trading partners and a key exporter of energy and raw materials to the country.
In other tariff news, reports surfaced that Vietnam’s government was surprised by Trump’s 20% tariff announcement against the country. According to Bloomberg, the country is hoping to bring the rate lower, possibly in the 10-15% range.
Vietnam is a major exporter to the U.S., with the third-largest trade surplus with the country. Over the years, it has taken over several export industries to the U.S. from China, with electronics, textiles, and footwear as major categories. Previous administrations saw this MOVE as an advantage, as Vietnam is more geopolitically aligned with the U.S. than China.
