Trump Unleashes Trade Shockwave With New Tariffs; Bitcoin Dips to $86K Amid Market Jitters
In a high-stakes announcement from the White House Rose Garden on Wednesday, President Donald Trump declared a sweeping package of “reciprocal tariffs” aimed at confronting what he called decades of unfair treatment from America’s trade partners.
“American taxpayers have been taken advantage of for over 50 years,” Trump said. “That ends tonight.”
Effective midnight Thursday, April 3, a 25% tariff on all foreign-produced automobiles will go into effect. An additional 10% universal import tariff will follow shortly after, starting midnight Saturday, April 5.
Even more targeted measures will hit individual nations starting April 9, including:
- China: 34%
- Vietnam: 46%
- Taiwan: 32%
- South Korea: 25%
- European Union: 20%
- Switzerland: 31%
The financial markets reacted swiftly. Bitcoin (BTC), which initially spiked during the early part of the speech, quickly reversed course and dropped to $86,000, marking a 1% intraday dip. Meanwhile, U.S. stock futures nosedived — Nasdaq 100 fell 2.3%, and the S&P 500 slid 1.7%.
On the flip side, gold surged to nearly $3,200 an ounce, hitting a new all-time high as investors scrambled for safety.
The aggressive tariff rollout injects fresh volatility into global markets and raises new questions about trade diplomacy heading into a contentious election year.
