U.S. tariffs are set at 10% on all imports starting April 5.
Higher tariffs of up to 54% will target 60 nations from April 9.
BTC’s price is under pressure, with key levels between $86,900 and $84,800.
President Donald Trump announced a renewed set of tariffs on Wednesday, seeking to boost the U.S. economy. The taxations, reported via executive order, are expected to create significant global economic impacts. Trump claims they are necessary to address trade imbalances and protect American jobs and manufacturing.
Baseline Tariff of 10% and Custom Tariffs for Select Countries
According to Nick Sortor, the primary tariff is set at 10%, effective from April 5. This baseline will apply to all imports into the U.S. Companies responsible for bringing goods into the country will bear the cost. However, consumers may feel the effects of these increased costs. Some nations will only face the 10% tariff, including the United Kingdom, Singapore, Brazil, Australia, New Zealand, Turkey, Colombia, Argentina, El Salvador, United Arab Emirates, and Saudi Arabia.
Starting April 9, higher tariffs will target approximately 60 nations deemed “worst offenders.” They include 20% for the European Union, 54% for China, 46% for Vietnam, 36% for Thailand, 24% for Japan, 49% for Cambodia, 30% for South Africa and 32% for Taiwan.
The new tariffs are not imposed on Canada and Mexico. However, the U.S. will continue to tackle issues regarding border security and fentanyl trade with these countries. Additionally, a 25% tariff on foreign-made automobiles is now in effect.
Bitcoin Market Movement Revealed: Is This Trump Tariffs Effect?
Following this, the crypto market has been under pressure, particularly Bitcoin. According to market observation ($BTC) is currently navigating a critical price range between $86,900 and $84,800. With tariffs now in play, market analysts are closely watching these levels. A decisive break in either direction on the hourly chart could define Bitcoin’s next major move.
Source: Ali Charts (X)
A deeper viewpoint of the analysis indicates that Bitcoin’s price reached 86,854.2 USDT, then dropped to 85,479.6 USDT, reflecting a 1.58% decrease. The price movement emerged within a channel, with key support and resistance levels marked by the Fibonacci retracement. The
the analysis represents different Fibonacci levels (0.236, 0.382, 0.5, 0.618, and 0.786), which traders often use to predict potential price reversals. The market retraced within these levels within a short time only, displaying marked volatility. Based on hourly charts, Bitcoin’s trading range still has not shown much movement out of this range. An upward movement above the $86,900 level may prompt a bullish formation, while a downward movement below $84,800 may lead toward a bearish formation. Read MoreNews, Bitcoin News, Market Analysis, Market News, NewsNow, Bitcoin, Crypto market, cryptocurrency, Donald Trump
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