according to the website - By crypto.news
The Dow Jones index fell amid Trump's threats against new countries, while technology stocks performed better, and the cryptocurrency market showed growth.
Stocks are declining against the backdrop of another escalation of trade tensions caused by Trump's actions, while cryptocurrencies are demonstrating excellent dynamics. On Friday, July 11, the Dow Jones index fell by 286 points, or 0.64%, while the S&P 500 index decreased by 0.30%. The technology index Nasdaq lost only 0.08%, while cryptocurrency and technology stocks showed relatively higher results.
Notably, Bitcoin (BTC) proved to be much more resilient than the stock market. The token reached a new all-time high for the third consecutive day at $118,856 and rose by 4% in 24 hours. Altcoins such as Ethereum (ETH) performed better, while XRP (XRP), Dogecoin (DOGE), and Cardano (ADA) demonstrated double-digit growth.
Investors were concerned about the repercussions of President Donald Trump's recent threats against Canada. Trump announced a 35% tariff on Canadian goods, which are currently subject to a 25% rate. However, some products will be exempt from payment, including oil, gas, and potash fertilizers.
These key industrial goods are currently regulated by the USMCA agreement and are subject to a 10% tariff. Canada is one of the largest trading partners of the USA and a key exporter of energy and raw materials to this country.
In other tariff news, reports emerged that the Vietnamese government was surprised by Trump's announcement of a 20% tariff. According to Bloomberg, the country hopes to reduce the rate, possibly to 10-15%. Vietnam is a major exporter to the USA, ranking third in the largest positive trade balance with this country. Over the past few years, Vietnam has taken over several export sectors from China, among which electronics, textiles, and footwear are the main ones. Previous administrations viewed this move as an advantage, as Vietnam is geopolitically closer to the USA than to China.
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