The Trump administration announced new global tariffs of up to 12.5%, and Bitcoin slipped to $64,985.16, down 1.37% on Thursday. The rates take effect just after midnight ET on Friday and replace the temporary 10% system that covered all countries.
Bitcoin fell to $64,985.16, down 1.37% on Thursday, July 23, as the Trump administration moved to impose new global tariffs of up to 12.5%. The token had already slipped below the $65,000 mark earlier in the day as US-Iran war tensions grew, and lower-than-expected US initial jobless claims data added to the pressure.
It recovered above $65,000, but the rebound was short-lived once the tariff news rattled the market. The 15-minute chart showed red candles forming, and the market saw notable long liquidations amid the bearish macro developments.
What the new tariffs cover
The rates will run 10%-12.5% and apply to 60 countries representing more than 99% of US trade, according to senior administration officials. The Office of the US Trade Representative did not attempt to calculate the revenue the new tariffs would generate, per a CNBC report.
One senior Trump administration official called the measure — aimed at dozens of countries over forced labor allegations — "the most sweeping international labor rights action the United States has ever taken". The official also noted that new taxes on steel and aluminum would not stack on top of the existing Section 232 tariffs.
A wider trade-policy push
The tariffs mark a further step in President Donald Trump's trade policy, though some of his earlier measures were struck down through legal challenges this year. The administration argues that tariffs correct unfair trade practices and give the US leverage in negotiations with trading partners.
Recent moves point the same way. Brazil faced tariff increases of 25% on most imports that took effect on Wednesday. Trump also levied 50% tariffs on a wide range of Canadian imports set to begin next month. The administration first revealed the new global policy in early June, citing White House findings that affected nations had not adequately banned forced labor in US trade.
Source: CoinGape
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