U.S. President Donald Trump announced new tariffs on pharmaceuticals and semiconductor chips on Tuesday morning during a CNBC interview.
Trump Tariff Threat Shakes Crypto: Bitcoin Drops Below $113K
Crypto and stock markets edged lower on Tuesday morning, with bitcoin ( BTC) dropping below $113K after U.S. President Donald Trump told CNBC that his administration will be announcing new tariffs “within the next week or so.” Crypto markets fell 1.82% and the S&P 500, Nasdaq, and Dow all lost 0.28%, 0.36%, and 0.03% respectively.
exist in “excluded classes” such as pharmaceuticals and semiconductor chips. The president explained that a “small” initial tariff would be applied to pharmaceuticals, but it would be gradually ramped up to 250% over several years.
The Trump administration’s trade policy has defied expert predictions of runaway inflation and rampant unemployment. But Friday’s disappointing jobs report revived fears of a tariff-induced economic slowdown.
“Within the next week or so, we’re going to be announcing tariffs,” Trump said. “We’re going to be announcing on semiconductors and chips, which is a separate category, because we want them made in the United States.”
