"As a trade escalation: Trump imposes tariffs on 69 countries"
U.S. President Donald Trump imposed new tariffs on 69 countries, causing volatility in the stock markets and the cryptocurrency market. Here are the main details:
*New Tariffs:*
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*Affected Countries:* European Union, Japan, South Korea (15%), United Kingdom (10%), Taiwan, India, South Africa, and Algeria (20-30%), Switzerland, Canada (outside of USMCA), Serbia (35-39%), Brazil (50%), Turkey (15%).
- *Delay in Implementation:* The tariffs will take effect starting August 7, 2025, with a limited postponement of the implementation date.
*Impact of Tariffs on Markets:*
- *Stock Market Decline:* The S&P 500 and Nasdaq indices dropped by nearly 1%, and the European STOXX 600 index lost between 1.3% to 1.5%.
- *Impact on Cryptocurrencies:* The total market value of cryptocurrencies dropped by 7.2% in less than 24 hours, with Bitcoin down by 2.5%, and Ethereum, Solana, XRP, and Dogecoin down by 5-8%.
*What does this decision mean?*
- *Reforming the Trade Balance:* The Trump administration seeks to reform the trade balance through strict unilateral measures.
- *Impact on Markets:* Global markets have become hostage to political tensions, and any trade decision from the world's largest economy can upend things in seconds.
