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Bitcoin and altcoins were shaken by Trump's tariffs.
US President Donald Trump announced the customs duties that the markets have been eagerly waiting for. Trump stated that a general customs duty of 10% will be applied to all countries. In addition, extra customs duties have been imposed on many countries.
Accordingly, the USA will impose customs duties of 34% on China, 20% on the European Union, 24% on Japan, 26% on India, 25% on South Korea, and 10% on the United Kingdom and Turkey.
In a press conference lasting about an hour, Trump first announced that a general customs duty of 10% would be applied. This announcement brought relief to the markets, and there were upward movements in cryptocurrencies, especially Bitcoin. In the later minutes of the meeting, however, the markets were met with a mutual customs duty surprise. The rates here turned out to be much higher than expected for many countries.
According to a document shared by the White House, the highest customs duty rate will be applied at 50 percent to Saint Pierre and Miquelon and Lesotho.
Following the announcement of customs duties, Bitcoin and other cryptocurrencies experienced a decline. Bitcoin fell to around 84,000 dollars while trading above 88,000 dollars. Ether, which approached 2,000 dollars, returned to the 1,800 dollar levels.
Published: April 3, 2025 00:17