TRUMP'S TARIFFS- an analysis:
President Trump's tariffs on Canada, Mexico, China, steel, and aluminum are estimated to reduce US economic output by 0.4% and hours worked by 358,000 full-time equivalent jobs.
The average TARIFF RATE on all imports is expected to rise from 2.5% in 2024 to 8.4%, the highest since 1946. Retaliation from China, Canada, and the European Union is already underway, with tariffs imposed on billions of dollars' worth of US exports.
The economic impact is far-reaching, with the top 1% of earners seeing the smallest decrease in after-tax income at 0.8%.
TARIFFS IMPACT ON THE CRYPTO MARKET:
The tariffs' impact on the crypto market has been significant, with Bitcoin experiencing increased volatility.
As investors seek safe-haven assets, $BTC price has seen fluctuations. Additionally, the tariffs have led to a decline in global economic growth, which may negatively impact crypto adoption and prices.
However, some experts believe the tariffs could accelerate the adoption of decentralized technologies and cryptocurrencies, as nations seek alternatives to traditional trade mechanisms.
