Trump Unveils Sweeping Tariff Measures; Bitcoin Slips to $86K as Markets React
Bitcoin dropped to $86,000 in choppy trading on Wednesday following a major policy announcement from U.S. President Donald Trump.
Speaking at a Rose Garden ceremony, Trump revealed plans to sign an executive order authorizing immediate “reciprocal tariffs” aimed at leveling the playing field with America’s trading partners.
“For over 50 years, our nation and its taxpayers have been taken advantage of. That ends now,” said Trump, adding that some tariffs would take effect as early as midnight.
Among the first measures: a 25% tariff on all foreign-made automobiles, set to begin at midnight on Thursday, April 3. In addition, a blanket 10% tariff on all imports will go into effect at midnight on April 5.
Country-specific tariffs were also announced:
- China: 34%
- Vietnam: 46%
- Taiwan: 32%
- South Korea: 25%
- European Union: 20%
- Switzerland: 31%
These targeted tariffs are scheduled to take effect at midnight on April 9, according to a White House fact sheet.
Bitcoin briefly rose during the initial moments of the announcement, but reversed course as the full scope of the tariffs was unveiled. It’s now trading at $86,000, down roughly 1% from earlier in the day.
Traditional markets saw sharper reactions. U.S. stock futures tumbled — the Nasdaq 100 down 2.3% and the S&P 500 off 1.7%. Gold, meanwhile, surged to an all-time high just shy of $3,200 per ounce, reflecting investor unease over the potential global economic fallout.
