Trump Tariffs: India Offers Cuts on U.S. Goods, BTC Price Rebounds

U.S. President Donald Trump has revealed that India is willing to make concessions in an effort to reach a deal on the Trump tariffs. This development comes as the BTC price rebounds, breaking above the psychological $109,000 level today.

Trump Tariffs: India Ready To Cut Tariffs On U.S. Goods

In a Truth Social post, Trump stated that India has now offered to cut their tariffs on U.S. goods to “nothing.” However, he remarked that it is getting late and that this is something the country should have done since.

This came as the U.S. president again justified the Trump tariffs on India, noting that the U.S. is one of India’s biggest clients, but that the U.S. sells very little to them. Based on this, he described the trade relationship between the two countries as being one-sided and claimed that it has been that way for years.

Trump also mentioned that India’s high tariffs on U.S. goods are the reason that American businesses are unable to sell into India. CoinGape had earlier reported last month that Trump had imposed a 50% tariff on India to address the trade imbalance, given that India buys most of its oil and military products from Russia.

BTC Price Rebounds From Recent Lows

The Bitcoin price has rebounded amid India’s move to strike a deal on the Trump tariffs. TradingView data shows that the flagship crypto rose to an intraday high of $109,890 from an intraday low of $107,271. BTC is currently trading at around $109,000, holding above the psychological $109,000 level.

The tariffs have had a negative impact on the cryptocurrency market so far. As such, a potential trade deal between the U.S. and India is a positive for the market. A CoinGape market analysis revealed that Bitcoin’s Fibonacci targets between $135,000 and $150,000 following the rebound from the $108,000 support.

Meanwhile, amid a potential trade deal between India and the U.S. on the Trump tariffs, institutions continue to accumulate more Bitcoin, which is a positive for the BTC price. Japanese company Metaplanet today announced that it had acquired 1,009 Bitcoins for about $112 million, bringing its total holdings to 20,000 BTC.

Despite this bullish outlook for Bitcoin, crypto analyst Titan of Crypto has raised the possibility of the flagship crypto dropping to new lows. In an X post, he suggested that the BTC price had formed a double top formation.

He further noted that Bitcoin is now below the neckline of the double top formation and that if this bearish pattern plays out, the flagship crypto could drop to around $99,000.