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Highlights
- President Trump has issued new trade letters to multiple countries imposing tariffs.
- Libya, Algeria, and Iraq have received their fair share of double-digit Trump Tariffs.
- Bitcoin price is trading at nearly $110K as the crypto markets show signs of a broader rally.
- The Fed is pointing to increased Trump tariffs to defend its position against interest rate cuts.
The latest flurry of Trump tariffs may have ruffled investors, but Bitcoin price is maintaining an upbeat outlook as it inches towards $110,000. The US President has issued new trade letters to Iraq, Moldova, the Philippines, Algeria, and Libya, imposing double-digit tariffs on exports from the countries.
US President Blows Hot In New Trade Letters
US President Donald Trump has imposed new tariffs on a raft of countries, citing unfair and long-term trade deficits. At press time, the latest salvo targets Iraq, Moldova, Algeria, Libya, the Philippines, Brunei, and Sri Lanka.
According to the trade letters sent to the respective presidents, the US says it will impose new trade tariffs on the countries, starting August 1. The tariffs hover between 20% and 30% for each nation, with Trump threatening to increase tariffs in tandem with any reciprocal action taken by the countries.
Furthermore, the letters reveal that the Trump tariffs are separate from sectoral tariffs with a warning not to sidestep sanctions via transshipping.. However, the US president waived tariffs for the affected countries’ goods manufactured on US soil, pledging swift approvals within weeks.
Trump’s letter disclosed that opening up trading markets to the US may result in a downward review of tariffs. Early in the week, Trump slapped 25% tariffs on Japan and South Korea, extending the trade war to the Far East.
Bitcoin Holds Up Well Amid Trump Tariffs
Following the release of the letters, Bitcoin recorded a mild uptick, joining the rest of the cryptocurrency markets to rack up gains. The largest cryptocurrency is trading at $109,201K, climbing by nearly 2% over the last day.
Daily trading volumes are pegged at $44.7 billion, a significant surge over the previous day, underscoring investors’ belief in the asset class amid broad macroeconomic uncertainty. Bitcoin is braving the headwinds from falling odds of a Fed rate cut in July to trade at less than 4% from its all-time high. The recently released FOMC minutes pointing fingers at Trump tariffs have done little to sway Bitcoin’s momentum.
Altcoins are recording the biggest leap since the Trump tariff announcement. Ethereum and XRP have gained nearly 4% over the last day, while BNB and SOL have recorded respectable price spikes. Activity levels by Ethereum treasury companies are contributing to surging ETH prices alongside Trump’s trade wars.
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