U.S. President, Donald Trump’s proposed tariff enactment has threatened the crypto market to a great extent. Donald Trump has reportedly threatened the crypto sector with the proposal of a 50% tariff on Chinese imports lest China discards the latest 34% counter-tariff. This rising intimidating approach of increasing tariffs is negatively impacting the crypto market with Bitcoin ($BTC) and altcoins experiencing a significant dip.
Trump’s Ultimatum to Implement 50% Tariff on Chinese Imports Threatens Crypto Market
The ultimatum to impose a 50% tariff was announced by Trump on Monday. The move offers a pause until Tuesday for China to make a pullback from the recent 34% tariff. As a result of this, the prominent crypto assets have entered buy zones. The respective scenario raises concerns about the future development of the overall crypto landscape.
This development comes after Trump’s “Liberation Day” policy last week when he announced a thirty-four percent tariff on goods coming from China. This tariff is imposed on the already imposed 20% tariffs which were announced in March. Due to the tariff announcement, Bitcoin slumped below the $75,000 level on the same day. Such a massive decline in Bitcoin’s price had not been seen since the price surges witnessed on the victory of U.S. President Donald Trump in the election.
Bitcoin ($BTC) and Altcoin See Severe Plunges Due to Trump’s Declaration for Tariffs
Just like Bitcoin ($BTC), the other crypto assets also went through severe dips. Particularly, the top altcoin Ethereum ($ETH) saw a significant decrease from $1,500 to $1,449. Apart from that, the U.S. President’s own meme token, which once rose to $70, dipped below $8 on the same day. While asserting the tariff declaration, Trump clarified that the government will not entertain any meeting requests coming from China to talk about the tax alleviation.
