US President Donald Trump introduced a slew of tariffs on April 2, sending markets into a tailspin and dividing crypto observers as to their possible long-term effects.
At a special event at the White House, Trump signed an executive order and claimed emergency powers, leveling reciprocal tariffs at every country that has a tariff on US goods, starting at a 10% minimum.
The long-term effect that this swathe of new taxes could have on global markets is unknown. The uncertainty is compounded by the ambiguous methodology the Trump administration used to determine the tariff rates.
Some believe that the crypto market is due for a boom as investors seek an alternative for traditional investments. Others note the effect tariffs could have on mining equipment, hampering profitability. More still are concerned about the broader impact of tariffs and a possible recession.
Trump’s tariffs