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Highlights
- The BTC price sharply dropped to almost $117,000, close to its intraday low of $116,987.
- This came as Trump announced a 25% tariff on India.
- This tariff will take effect from August 1, alongside reciprocal tariffs on other countries.
The Trump tariffs continue to haunt the crypto market, even ahead of the August 1 trade deadline. This time, the BTC price witnessed a sharp drop on the U.S. president’s announcement of a 25% tariff on India.
BTC Price Falls Following Trump’s India Tariff Announcement
TradingView data shows that Bitcoin dropped to as low as $17,400 following Trump’s announcement of a 25% tariff on India. The flagship crypto had earlier rebounded to as high as $18,400, following a massive decline yesterday.
However, the BTC price’s momentum is again facing a stumbling block, thanks to the latest Trump tariff. The president announced in a Truth Social post that India will be paying a 25% tariff because its tariffs are among the highest in the world.
The president also said that this penalty is a result of the country buying the majority of its military equipment and energy from Russia. The tariff will take effect from August 1, alongside the other reciprocal tariffs on other countries with which the U.S. has not yet reached a trade deal.
However, despite this development, a positive for the BTC price is that the U.S. has already reached some trade deals and could reach more before the August 1 deadline. As CoinGape reported, the U.S. and the E.U. agreed on a trade deal on July 27, a deal that Trump described as the biggest so far.
This followed trade deals with Japan, Indonesia, the Philippines, and Vietnam, which have been bullish for the BTC price. Indian officials have also said that they are looking to secure a trade deal despite this setback with Trump’s announcement. As such, a deal could come before the August 1 deadline.
Meanwhile, Trump has already assured that most of the trade deals could be concluded before the August 1 deadline. More trade deals before this deadline could spark further rallies for the BTC price, which continues to chop in a sideways range.
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