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Bitcoin and Altcoin Investors Attention: Trump Said Today is a Big Day, He Will Announce! - Coin Bulletin
U.S. President Donald Trump announces he's going to make a big announcement about new reciprocal tariffs
According to CNN's report, Trump used the expression "BIG DAY TODAY: RECIPROCAL TARIFFS!!!" in his post on Truth Social. These tariffs, which are an important promise of the election campaign, envisage the same amount of import duties being applied to the United States. Trump defended the policy by stating, "Very simple, if they tax us, we tax them" in a statement he made on Sunday. White House Press Secretary Karoline Leavitt stated that Trump believes this decision will "greatly benefit American workers".
Which countries will be affected?
According to CNN, the new tariffs are expected to affect especially India, Brazil, Vietnam, and some African countries. According to World Bank data, the US imposes an average of 3% tax on products imported from India, while India imposes 9.5% tax on US goods. During today's meeting between Trump and Indian Prime Minister Narendra Modi, there is a possibility of postponing or softening the tariffs imposed on India.
These new tariffs are being introduced in addition to the 10% general import tax that came into effect last week and additional customs duties on goods from China. In addition, the Trump administration announced the postponement of the 25% tariff planned for imports from Mexico and Canada to March 1. According to the Peterson Institute, it is estimated that these tariffs could bring an additional $1,200 annual cost to American households.
Will it affect Bitcoin?
Trump's customs duty statements have previously caused fluctuations in the cryptocurrency market. Significant declines were especially experienced in Bitcoin and altcoins. Although the exact impact of today's statement on the market is uncertain, analysts predict that there may be a new movement in Bitcoin price. Considering the sensitivity of the market to global trade policies, it is evaluated that sudden fluctuations in Bitcoin price may be seen after Trump's statement.