$BTC Trump exempts certain tech products from tariffs, will cryptocurrencies benefit?
US President Trump has exempted a range of tech products, including smartphones, chips, computers, and certain electronic products, from tariffs, providing much-needed relief from trade pressure for the tech industry.
According to the US Customs and Border Protection, memory cards, modems, diodes, semiconductors, and other electronic products are also excluded from the ongoing trade tariffs.
"Large tech companies will ultimately come out on top when all of this is over," the Cobesi letter wrote in an X post on April 12.
US Customs and Border Protection announced the exemption of tariffs on certain tech products. Source: US Customs and Border Protection
The tariff exemption will ease pressure on tech stocks, which are among the biggest victims of the trade war. The cryptocurrency market is correlated with tech stocks and may rise as risk appetite increases with positive news regarding the trade war.
After the news of the tariff exemption, the price of Bitcoin (BTC) surged above $85,000 on April 12, indicating that the crypto market has reacted to the latest macroeconomic developments.
In the face of macroeconomic uncertainty, the market relies on every word from Trump.
On April 9, President Trump withdrew a broad tariff policy, initiated a 90-day suspension of reciprocal tariffs, and reduced the tariff rate on countries that have not imposed counter-tariffs on US goods to 10%.
On the same day that Trump announced the suspension of tariffs, Bitcoin rose by 9% and the S&P 500 index increased by over 10%.
Macroeconomic trader Raoul Pal stated that tariff policy is a negotiating tool for establishing a US-China trade agreement and described the US government's trade rhetoric as a "posture."
Bitcoin advocate Max Keiser believes that exempting certain tech products from import tariffs will not lower bond yields nor will it promote the Trump administration's goal of lowering interest rates.
The yield on 10-year US government bonds surged due to the Trump administration's broad trade policies. Source: TradingView
This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should conduct their own research when making decisions.
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