Breaking: Trump Sets New Global Tariffs At 12.5%, Bitcoin Extends Decline

The Trump administration announced new global tariffs of up to 12.5% which will go into effect just after midnight ET on Friday. The new responsibilities will supplant temporary 10% tariffs for all countries and are aimed at dozens of countries concerning forced labor allegations.

Bitcoin Slips As Trump Moves To Impose New Global Tariff Rates

The tariff rates will be 10%-12.5% and will be imposed on 60 countries representing more than 99% of U.S. trade, according to senior administration officials. The Office of the U.S. Trade Representative did not go so far as to attempt to calculate the revenue that the new tariffs would generate, per CNBC report.

It’s the “the most sweeping international labor rights action the United States has ever taken — that any country has ever taken,” said a senior Trump administration official. The official also noted the new taxes on steel and aluminum will not “stack” on top of the existing Section 232 tariffs imposed on steel and aluminum for national security reasons.

It happened at the time of ongoing bearish sentiment on the crypto market. Bitcoin fell to $64,985.16, down 1.37% at the time of writing on Thursday, July 23. BTC had already trampled the $65,000 mark earlier today as the US-Iran war tensions grew. Moreover, the lower-than-expected U.S. initial jobless claims data also weighed on the market.

Thereafter, it recovered above the crucial $65,000 zone but the rebound was shortlived as the Trump tariffs news rattled the market. The 15-minute timeframe chart shows formation of red candles for Bitcoin. Also, the crypto market saw notable long liquidations amid bearish macro developments.

U.S. President’s Trade Policy Continues Facing Backlash

The new steps come as a further step up in President Donald Trump’s trade policy. However, some of his tariff measures were struck down owing to legal challenges earlier this year.

One of the arguments pushed by the administration has been that tariffs are meant to correct unfair trade practices. Furthermore, the Trump administration believes that such a move will give U.S. a leverage in negotiations with trading partners.

More recently, there have been tariff increases on most imports from Brazil. These charges went into effect on Wednesday at the rate of 25%. In addition, Trump levied 50% tariffs on the wide variety of Canadian imports that will take effect next month.

Previously, the administration had revealed the new tariff policy in early June. This move the White House’s findings that the affected nations had not adequately banned forced labor in U.S. trade. The latest guidelines will replace the temporary global tariff system as soon as it expires early Friday.

For decentralized futures trading, visit our page on Perp DEXs.