The Trump tariffs are again threatening to slow the BTC price’s bullish momentum. The flagship crypto sharply dropped following the president’s announcement of his trade letters to the EU and Mexico imposing 30% tariffs on goods from both regions.
BTC Price Drops As Trump Sends Trade Letters To EU And Mexico
CoinMarketCap data shows that Bitcoin has sharply dropped below $118,000 following Trump’s announcement of a 30% tariff on both the EU and Mexico. The flagship crypto had climbed to as high as $118,200 today but now looks likely to reach new daily lows following this announcement.
Source: CoinMarketCap
In a series of Truth Social posts, the president revealed trade letters that he sent to both regions, informing them of the 30% tariff on their products that will come into the US. These tariffs will take effect from August 1, just like the other tariffs that Trump recently imposed on other countries, sparking a bearish sentiment for the BTC price.
Source: Trump’s Truth Social
As CoinGape earlier reported, on July 7, Trump imposed 25% tariffs on South Korea and Japan. He also sent trade letters to 12 other countries on the same day, imposing double-digit tariff rates on these countries. The BTC price had dropped below $108,000 on the day.
However, interestingly, the flagship crypto recovered well and surged to a new all-time high (ATH) on July 9, breaking above $112,000 for the first time in history. Since then, Bitcoin has continued to climb and now boasts a current ATH of $118,800. The break above $112,000 came on the same day that Trump sent trade letters to Iraq, Moldova, the Philippines, Algeria, and Libya, imposing tariffs on exports from these countries.
However, the Trump tariffs remain a bearish factor for the BTC price, considering how this development could trigger a trade war between the US and these countries. The US president has already threatened to retaliate if any of these countries choose to further hike their tariff rates on US goods.
✓ Share:
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
