Trump threatened with an additional 10% tariff on countries perceived to align with BRICS
US tariff threats and resolving stock equity sell-offs have fueled crypto demand, and as yields drop and the dollar weakens, Bitcoin and other cryptocurrencies often see gains
Beijing warned that unilateral tariff actions undermine multilateral trade rules and could destabilize the global trading system
The Trump administration is preparing to notify countries of new tariffs ahead of a July 9 deadline, a move that includes a threat of an additional 10% tariff on nations perceived to be aligning with the BRICS economic bloc.
The BRICS bloc, which includes emerging economic powers like China, India, Russia, South Africa, and others, condemned the move as ‘unilateralism’ while also indicating a firm resolve to lessen their reliance on the US dollar.
With tariffs looming, global equity futures have dipped, sovereign bonds are in demand, and oil markets exhibit volatility – all of it with a potential impact on the crypto market.
A flight to hard assets
Generally speaking, the crypto industry benefits from equity outflows, as Bitcoin recently climbed to about $…
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