The crypto market has seen a decline of more than 2% in the past 24 hours, which is said to be due to the impact of the statement made by former President Donald Trump on the Air Force One plane on 9/2. Accordingly, Trump plans to impose a 25% tariff on steel and aluminum imports, which is expected to take effect next week.
The price of Bitcoin after briefly exceeding $100,000 on Friday - has decreased by 1.66% in the past 24 hours, dropping to around $96,000. The price of Ethereum has also decreased by 3.6%, to around $2,600. The entire market recorded a 2% decline on the day.
Notably, the memecoin group on the Solana ecosystem was the most heavily impacted. The Solana Memes GMCI index fell 10% in 24 hours, with tokens like Bonk, Dogwifhat, and Gigachad all plummeting.
On the flight to New Orleans to attend the Super Bowl, the most watched television event of the year, Trump announced that he will unveil a retaliatory trade policy on Tuesday or Wednesday, which will take effect almost immediately. He affirmed that the US will impose tariffs equivalent to the tariffs that other countries are currently imposing on US goods.
"Very simple, if they tax us, we will tax them," Trump emphasized about the new trade policy.
During his first term, Trump had previously imposed a 25% tariff on steel and 10% on aluminum, but later exempted some key trading partners such as Canada, Mexico, and Brazil. The Biden administration continued to expand this exemption to the UK, Japan, and the European Union (EU), causing a decline in the production capacity of steel mills in the US in recent years.
According to data from the American Iron and Steel Institute and the US government, Canada, Brazil, and Mexico are the largest sources of steel imports to the US, followed by South Korea and Vietnam. Canada alone accounts for 79% of the total aluminum imports to the US in the first 11 months of 2024, making it the largest supplier. Mexico is also an important source of aluminum scrap and aluminum alloy.
This announcement marks a new escalation in Trump's trade policy, similar to his declaration of tariffs on Canada and Mexico last week. Coin prices fell immediately after that announcement but quickly recovered when Trump decided to postpone the additional tariffs for a month after discussions with the leaders of the two countries.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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