Could bitcoin withstand the flames spewed by Donald Trump

Barely had the real estate mogul announced a wave of tariffs on steel and aluminum than the crypto beacon stumbled

Donald Trump's administration has announced a new initiative to "Make America Great Again" with a series of economic measures, including tariffs on steel and aluminum imports. The move has sparked reactions across the market, with interesting shifts in price action and trading activity.

The mogul's new tariffs

The real estate mogul's administration has announced a new initiative to "Make America Great Again" with a series of economic measures, including tariffs on steel and aluminum imports. The move is intended to protect U.S. jobs and industries, but it has also sparked reactions across the market, with interesting shifts in price action and trading activity.

The crypto market in particular has been affected by Trump's actions, as well as the recent market downturn and a large liquidation event on Bybit exchange.

The move, which was announced in March 2023, saw Trump impose a 25% tariff on steel imports and a 10% tariff on aluminum imports from several U.S. trading partners, including China, Canada, and Mexico. The tariffs are part of a broader trade policy initiative by the Trump administration to reduce the U.S. trade deficit and protect American jobs.

The administration stated that the tariffs are necessary to counter unfair trade practices by U.S. trading partners, who allegedly subsidize their own industries and devalue their currencies to gain an advantage in exporting goods to the U.S.

However, the tariffs have been met with criticism from economists and policy experts, who argue that they will ultimately harm the U.S. economy by raising prices for consumers and businesses and triggering retaliatory tariffs from other countries.

After steel and aluminum, Trump plans to target other sectors like semiconductors and oil, continuing his administration's focus on U.S. economic interests.

The mogul's administration is also planning to impose tariffs on another $150 billion worth of Chinese goods, a move that could further escalate the trade war between the two economic superpowers.

The move comes in response to what the administration calls a "massive theft" of intellectual property and technology by China, and it is expected to affect a wide range of products, including textiles, furniture, and chemical products.

The new tariffs are in addition to the 25% tariffs on $50 billion worth of Chinese goods that were announced earlier in 2023, and they are likely to have a significant impact on both the U.S. and Chinese economies.

Finally, Trump's administration has decided to terminate the trade preferences for several developing countries, a move that could have a mixed impact on the global economy.

The program, known as the Generalized System of Preferences (GSP), allows certain developing countries to export goods to the U.S. duty-free in order to promote economic development and reduce poverty.

The Trump administration has argued that the GSP program is being abused by some countries, such as Vietnam and Uzbekistan, which have large and sophisticated economies and should not be eligible for the trade preferences.

The administration also claims that the program undermines U.S. workers and jobs, as it enables foreign companies to sell their products in the U.S. market at lower prices than American companies can.

The decision to terminate the GSP program for several countries is part of a broader trade policy initiative by the Trump administration to reduce the U.S. trade deficit and protect American jobs.

The move is likely to have a mixed impact on the global economy. On the one hand, it could lead to higher prices for consumers in the U.S. as tariffs are raised on goods imported from developing countries.

The U.S. president's administration has also announced that it is imposing tariffs of 50% on several types of food products imported from Canada, in response to what it calls unfair trade practices by the Canadian government.

The tariffs will affect products such as maple syrup, fried potatoes, and cranberry sauce, and they are expected to come into effect in the coming weeks.

The move is likely to escalate the trade tensions between the two North American countries, which are already at a high level due to Trump's administration's protectionist trade policies.

The Trump administration has repeatedly criticized Canada for its dairy policies, which it claims are designed to protect the Canadian dairy industry at the expense of U.S. dairy farmers.

The administration has also accused Canada of unfairly subsidizing its lumber industry, leading to a surge in Canadian lumber imports into the U.S. market and lower prices for U.S. lumber mills and workers.

In response to these complaints, the Canadian government has defended its policies and expressed hope for a swift resolution to the trade disputes through dialogue and cooperation.

The move comes as no surprise, given the recent actions by the Trump administration to isolate China economically and geopolitically.

The administration has already imposed tariffs on $50 billion worth of Chinese goods in response to what it calls unfair trade practices, such as forced technology transfer and theft of intellectual property