The price of Bitcoin popped and then dropped on Wednesday after the White House pressed forward with U.S. President Donald Trump’s highly anticipated tariffs.
“Our country and its taxpayers have been ripped off for more than 50 years,” Trump said from the White House Rose Garden. “But it’s not going to happen anymore.”
The leading cryptocurrency was recently changing hands around $85,500, down 1.1% over the past hour, according to crypto data provider CoinGecko. During Trump’s remarks, Bitcoin surged as high as $87,800.
Trump said that the U.S. will impose a 25% tariff on “all foreign-made automobiles” starting at midnight. He also mentioned that the U.S. was standing up for “our great farmers and ranchers” but did not mention industry-specific levies.
Trump said that the U.S. will also impose “reciprocal tariffs” on countries that charge levies on American goods, but the total amount for each country will be “approximately half of what they are, and have been, charging us.” That total will reflect the “combined rate of all their tariffs, non-monetary barriers and other forms of cheating” he added.
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