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Bitcoin's Trump China Strike: Price Drops Again to $82,500! - Coin Bulletin
The Bitcoin price experienced a sharp decline after US President Donald Trump announced new customs tariffs on China, Canada, and Mexico.
Trump announced that he increased the customs duty on products imported from China from 10% to 20%. At the same time, he announced new taxes of 25% on products coming from Mexico and Canada.
It is especially noted that the tariffs imposed by the United States on Canada and Mexico will affect a $900 billion annual trade. In retaliation, Canada announced that it will impose a 25% tariff on American goods worth $107 billion Canadian dollars( in response. Meanwhile, Mexico stated that it will announce its response to Trump's decision in the coming days.
The price of Bitcoin had risen to as high as $95,000 before Trump's announcements. However, with the panic atmosphere in the markets and decreasing global risk appetite, there was a sharp pullback. Bitcoin fell by more than 13% in the last 24 hours, dropping to $82,500. During this period, more than $1 billion in leveraged trades were liquidated.
Economists point out that Trump's trade policies are creating a new risk of recession in the global economy. The Chinese Ministry of Commerce announced that retaliatory measures will be taken against Trump's new tariffs. Such escalation in global trade could lead to increased volatility in financial markets and cryptocurrencies.