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Highlights
- Donald Trump has announced new tariff plans across countries.
- While Canada faces the highest tax, Pakistan has the lowest tax in the South Asian countries.
- The crypto market crashes and about $570 million in long positions were liquidated.
The crypto market is experiencing significant turmoil as US President Donald Trump has imposed sweeping tariffs on major trading partners, including Canada, Mexico, and China. Amid this escalating Trump tariff war, the crypto market crashes with over $570 million in long positions liquidated.
Trade War Escalates Worldwide As Trump Releases New Tariffs
According to the latest New York Times report, the Donald Trump administration has announced new tariffs on more than 60 countries, ranging from 10% to 50%, effective August 7. The government revealed that the countries with which the US has a trade surplus will maintain a 10% “universal” tariff. At the same time, nations with a trade deficit will face a minimum tariff of 15%. Negotiations with China and Mexico are still ongoing.
Interestingly, Canada will face higher tariffs on certain exports starting August 1 at 12:01 a.m. Trump has reportedly raised the country’s tax rate to 35%. However, goods traded under the USMCA, renegotiated by Trump, are exempt. These exempt goods account for the bulk of U.S. imports from Canada. Drew Fagan, professor at the University of Toronto’s Munk School of Global Affairs, noted, “Most trade between Canada and the United States that’s primarily made in those countries remains tariff free.”
The US has imposed a complex web of tariff rates on countries worldwide, sparking intense reactions from global trade ministers. For instance, New Zealand’s trade minister, Tom McClay, has deemed the Trump tariffs unwarranted, as the country faces a 15% tariff rate, whereas neighboring Australia is subject to a 10% levy. McClay stated, “We don’t think this is a good thing, we don’t think it’s warranted and it’s not good for trade.”
Significantly, Southeast Asian countries face some of the highest Trump tariff rates. The highest tax rates included the 41% imposed on Syria and the 40% on Laos and Myanmar. While the Trump tariffs on Cambodia, Vietnam, Indonesia, Malaysia, and Thailand have been substantially reduced to 19% or 20%, they remain higher than those of other foreign nations. Pakistan is a South Asian country with the lowest tariff rate, as the US slashed its trade tax from 29% to 19%. Pakistan Finance Minister stated, “This deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors.”
Crypto Market Crashes with $500M+ Liquidations
As the US imposes high tariffs on global countries, the crypto market is reeling. President Trump’s tariffs have sparked inflation concerns, market volatility, and a massive sell-off, wiping out billions in crypto value. The trade war escalates, putting investors on edge.
A significant crypto market downturn saw $577 million in long positions liquidated in 24 hours, with $13 million wiped out in the last four hours alone. This liquidation event heavily impacted top cryptocurrencies, particularly Ethereum, which lost $168.9 million in long positions, while Bitcoin saw $144 million in long positions liquidated.
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