US President Donald Trump announced today that he plans to announce bilateral tariffs on multiple countries next week.
Speaking alongside Japanese Prime Minister Shigeru Ishiba at the White House, Trump said the tariffs would apply to “everyone” but did not specify the exact measures.
“On reciprocal trade, so that we are treated equally with other countries, I will be making that announcement next week. We are not asking for anything more, we are not asking for anything less,” Trump told reporters, adding that he would provide more details at an upcoming news conference.
Trump hinted that auto tariffs were being considered as part of his broader strategy. “That’s always on the table, that’s a huge deal,” he said, adding: “We have to level it out.”
The policy of reciprocal tariffs has been a long-standing goal of Trump and his economic advisers. The former president previously pushed for legislation that would allow the U.S. to impose equivalent tariffs on countries that impose tariffs on U.S.-made goods.
Trump specifically targeted the European Union’s value-added tax (VAT), arguing that the 15% minimum rate disadvantages American exports.
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Beyond the reciprocal tariffs, Trump’s team has put forward additional measures, including:
- A global customs duty
- Sectoral sanctions targeting key sectors such as steel, pharmaceuticals and oil
- Higher tariffs on China, Mexico and Canada
His administration has already imposed 10% tariffs on China, while postponing 25% tariffs on Mexico and Canada after the two countries made modest promises on border security.
Markets have reacted strongly to Trump’s latest tariff threats. Uncertainty over tariffs has weighed on cryptocurrency prices, according to Sean Farrell, Head of Digital Asset Strategy at Fundstrat.
“We’ve seen upward pressure on bond yields and the dollar, which has put downward pressure on crypto,” Farrell said. Fundstrat advised clients to adopt a cautious stance as tariffs could trigger stagflationary pressures, where inflation rises while economic growth slows. However, Farrell remains bullish on Bitcoin’s long-term outlook, citing potential government interest in Bitcoin as a strategic reserve asset.
*This is not investment advice.
Continue Reading: Donald Trump is at It Again: Tariffs on Multiple Countries Revealed – What Does It Mean for Bitcoin and Cryptocurrencies?
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