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Highlights
- Trump wrote letters to Japan and South Korea's leaders informing them of the 25% tariffs.
- This tariffs will take effect from August 1, giving both countries time to still negotiate.
- The BTC price has dropped and is at risk of falling below $108,000.
US President Donald Trump looks to revive ghosts of the April 2 ‘Liberation Day’ as he moves forward with his reciprocal tariffs ahead of the July 9 deadline. The president has announced a 25% tariff on goods from Japan and South Korea. Meanwhile, the BTC price is now at risk of dropping below the $108,000 level.
Trump To Impose Tariffs On Japan And South Korea, BTC Price Drops
In two separate Truth Social posts, Donald Trump announced his decision to impose a 25% tariff on Japan and South Korea. The president noted in both letters how trade between the US and these countries has been unfair, leading to trade deficits for the US.
Following his posts, the BTC price dropped, according to data from CoinMarketCap. The flagship crypto is just trading above the psychological $108,000 level and is now at risk of falling below this level, given how bearish these Trump tariffs are for the market.
The Bitcoin price had already dropped below $108,000 earlier in the day in anticipation of these trade letters from Trump to countries with which the US has yet to secure a trade deal.
As CoinGape reported earlier, Trump warned that he could impose up to a 70% on several countries ahead of the looming July 9 trade deadline. Besides South Korea and Japan, the US has yet to secure trade deals with powerhouses like India and the EU, which are also at risk of higher tariffs.
The BTC price, along with other crypto assets, had crashed massively when the Trump tariffs saga began earlier in April. Bitcoin had dropped to as low as $78,000 during that period before recovering to a new all-time high (ATH) in May.
However, the flagship crypto is again at risk if the tariffs turn into a full-blown trade war between the US and these countries. Trump has already threatened Japan and South Korea that he will impose additional tariffs if these countries raise their tariffs against the US.
Other Countries To Receive Trade Letters From Trump
During a White House media briefing, Press Secretary Karoline Leavitt confirmed that approximately 12 other countries will receive notifications and letters directly from President Trump. She further remarked that the administration is looking to cut the best trade deals for the American people and the American worker.
Meanwhile, she stated that Trump will sign an action today delaying the July 9 deadline for these tariffs to August 1. This presents a positive outlook for the BTC price, as more trade deals could occur before the August 1 deadline.
Following Leavitt’s statement, Trump went on to release the letters he had sent to South Africa, Malaysia, Kazakhstan, Laos, and Myanmar in a series of Truth Social posts. The president plans to impose 30% tariffs on South Africa, 25% tariffs on Malaysia and Kazakhstan, and 40% tariffs on Laos and Myanmar.
In his next batch of letters, Trump unveiled tariffs on Tunisia (25%), Bangladesh (35%), Indonesia (32%), Bosnia(30%), Serbia (35%), Cambodia (36%), and Thailand (36%). The tariffs on these countries will take effect from August 1.
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