U.S. President Trump ruled out extending the August tariff deadline and threatened to impose new tariffs on copper, pharmaceuticals, and chips, with U.S. stocks showing mixed performance on Tuesday (7/8). Bit was also trading in a narrow range yesterday, reporting at $108,919 before the deadline. ETH rose to $2,612, with a 24-hour increase of 2.8%. Recently, the crypto market lacks topics and continues to focus on developments related to traditional finance.
Table of Contents
ToggleTariffs Targeting Copper, Pharmaceuticals, and Chips
Trump threatened to impose new tariffs on copper, pharmaceuticals, and chips, with New York copper prices rising 13%, hitting a historic high and expanding the premium over London benchmark copper prices to an unprecedented 25%. Trump stated he might give pharmaceutical companies at least a year before imposing a 200% tariff on foreign products, causing significant fluctuations in the pharmaceutical index.
Trump once again demonstrated his determination to push forward a plan of heavy taxation on foreign imported products. He told reporters that despite progress in trade agreements with the EU, the taxes and fines levied by the EU on U.S. tech companies have caused dissatisfaction among Americans, which might lead to unilaterally announcing new tariff rates within the next two days.
Bret Kenwell from eToro stated: "Trade war headlines are heating up again, but this doesn't mean we'll repeat the situation from late March to early April. If the market is confident about ongoing negotiations or deadline extensions, it may continue to shake off the impact of these headlines."
Ulrike Hoffmann-Burchardi from UBS Global Wealth Management said: "Although tariffs may remain high compared to early-year levels, with overall risks similarly high, we believe that by year-end, the actual U.S. tariff rate should be around 15%. This will pose a drag on economic growth but not enough to trigger a recession."
Crypto Currencies Narrow Trading, Market Focusing on Traditional Finance Topics
Bit was also trading in a narrow range yesterday, reporting at $108,919 before the deadline. ETH rose to $2,612, with a 24-hour increase of 2.8%. Recently, the crypto market lacks topics and continues to focus on developments related to traditional finance.
Truth Social, associated with the Trump family, filed an S-1 registration statement with the SEC to launch a crypto blue-chip ETF tracking BTC, ETH, SOL, XRP, and CRO.
Robinhood launched blockchain-based "stock tokens", offering OpenAI and SpaceX equity tokens, which sparked controversy and even prompted an investigation by the Lithuanian Central Bank.
Risk Warning
Cryptocurrency investments carry high risk, with potentially significant price volatility, and you may lose your entire principal. Please carefully assess the risks.
