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President Trump to Order 'Reciprocal Tariffs' to Begin This Week
Bitcoin retreated to $86,000 in volatile action as the announcements were made.
Updated Apr 2, 2025, 9:52 p.m. Published Apr 2, 2025, 8:26 p.m.
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What to know:
- President Donald Trump will sign an order for "reciprocal tariffs" to begin at midnight, he said Wednesday during a Rose Garden address.
- There will be a 25% tariff on all foreign autos, while China faces a 34% levy and the European Union 20%.
- Bitcoin is volatile, but currently down about 1% from just ahead of the announcements.
In this article
In a Rose Garden ceremony on Wednesday, U.S. President Donald Trump said he intends to immediately sign an order for "reciprocal tariffs" to be levied against U.S. trading partners.
"Our country and its taxpayers have been ripped off for more than 50 years but it’s not going to happen anymore," said Trump, adding that some of the tariffs will begin at midnight.
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The first specific tariff announced at the ceremony was a 25% levy on all foreign-made autos, starting midnight on Thursday, April 3.
The U.S. will impose an across-the-board tariff rate of 10%, which will be in effect on midnight on April 5.
Among country-specific tariffs: China will see a rate of 34%, Vietnam 46%, Taiwan 32% South Korea 25%, European Union 20%, Switzerland 31%. According to a White House fact sheet, these country-specific tariffs will start at midnight on April 9.
The price of bitcoin initially rose in the ceremony's early stages, but began to give ground as the tariffs were detailed. The price has retreated to $86,000, down about 1% from prior to the announcements.
U.S. stock index futures are plunging, with the Nasdaq 100 lower by 2.3% and the S&P 500 by 1.7%. Gold, meanwhile, shot higher to a new record high just below $3,200 per ounce.
UPDATE (March 2, 2025, 21:50 UTC): Adds details about tariff implementation dates.
Sizin için daha fazlası
Michael Saylor's Strategy purchased $168 million in bitcoin last week
The company's stack is now 717,131 bitcoin acquired for $54.52 billion, or $76,027 per coin. Bitcoin's current price is $68,000.
Bilinmesi gerekenler:
- Strategy (MSTR) added 2,486 bitcoin for $168.4 million in the last week.
- The company's holdings now foot to 717,131 BTC acquired for $54.52 billion, or $76,027 per coin — substantially below the current price of $68,000.
- Last week's buys were funded via common stock sales and the sale of the STRC preferred series.
