The tariff policy promised by Trump during his campaign has gradually been implemented recently, and the related measures have had an impact on the market.
Details of Tariff Policy Implementation
On February 1, Trump signed an executive order to impose an additional 10% tariff on all goods imported from China on top of the existing tariff, stating that this aligns with the 'protectionist measures' he supports.
On February 2, the U.S. government announced and Trump signed a tariff order imposing an additional 25% tariff on imports from Canada and Mexico, and a 10% tariff on energy resources from Canada, which is set to take effect on the 4th. The White House clarified that if there are retaliatory tariffs from the other party, the U.S. may further increase tariff measures.
On February 3, Trump stated that he would "definitely" impose new tariffs on the EU. He complained about the trade deficit with the EU and that the EU imports insufficient American cars and agricultural products, but did not disclose specific tariff levels or timelines, only telling the media that "results will come soon."
Impact on the cryptocurrency market
BTC Markets CEO Caroline Bowler pointed out that Trump's tariff policies are impacting global markets, and concerns about trade wars and stagflation leading to recession have spread to the Bitcoin and altcoin markets. As a result of this news, BTC briefly fell to around 91,000 USD, hitting its lowest level in over two weeks.
Bitwise Alpha Strategy Director Jeff Park believes that in the long run, Trump's trade tariff policies will drive up Bitcoin prices, as these policies will weaken the dollar in the global currency market while also causing U.S. Treasury yields to decline.#隐私币生态普涨
