BTC Price Reacts As US President Rolls Out New Trade Letters

The latest flurry of Trump tariffs may have ruffled investors, but Bitcoin price is maintaining an upbeat outlook as it inches towards $110,000. The US President has issued new trade letters to Iraq, Moldova, the Philippines, Algeria, and Libya, imposing double-digit tariffs on exports from the countries.

US President Blows Hot In New Trade Letters

US President Donald Trump has imposed new tariffs on a raft of countries, citing unfair and long-term trade deficits. At press time, the latest salvo targets Iraq, Moldova, Algeria, Libya, the Philippines, Brunei, and Sri Lanka.

According to the trade letters sent to the respective presidents, the US says it will impose new trade tariffs on the countries, starting August 1. The tariffs hover between 20% and 30% for each nation, with Trump threatening to increase tariffs in tandem with any reciprocal action taken by the countries.

Furthermore, the letters reveal that the Trump tariffs are separate from sectoral tariffs with a warning not to sidestep sanctions via transshipping.. However, the US president waived tariffs for the affected countries’ goods manufactured on US soil, pledging swift approvals within weeks.

Early in the week, Trump slapped 25% tariffs on Japan and South Korea, extending the trade war to the Far East.

This is a developing story.

Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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