Within the scope of Trump’s decree, the United States increased customs duties applied to goods imported from many countries by 10 percent to 50 percent.
The European Union (EU), one of the largest commercial partners of the USA, was imposed on 20 percent, 34 percent to China and 24 percent of Japan.
US Treasury Minister Scott Bessent warned that countries where the tax increase will not increase the tariff, while the EU and China announced that it will be retaliated.
With this development, European and Asian stock exchanges started the day with sellers, and losses in the US futures market exceeded 3 percent.
Sales in the crypto currency market were also seen. Accordingly, Bitcoin rising up to 88 thousand dollars, the taxes declined to 82 thousand dollars with the announcement of the announcement. Many Altcoin projects have lost close to 10 percent.
The total value of the crypto currency market fell from $ 2.8 trillion to 2.6 trillion dollars.
“Crypto currencies were waiting for the Fed to expand”
Beykent University Faculty of Economics and Administrative Sciences Department of Economics Assoc. Dr. Mustafa Batuhan Tufaner said that the expectation that increasing customs tariffs will suppress the profit margin of companies had a negative effect in the stock market.
Tufaner pointed out that the search for a safe harbor positively affects the spot gold and made the following evaluations:
“Crypto money market can be correlated with stocks in some periods with stocks, and in some periods with safe assets such as gold. In recent years, crypto currencies have been in correlation especially with technology shares. However, macroeconomic events can change the direction of this relationship. Global investors see crypto currencies as a means of storage.”
Tufaner said that political decisions have shown that this market has not been able to achieve a safe port perception and that crypto currencies may be “risky asset” or “safe port” depending on the approach of investors.
Tufaner stated that the new tariffs of the US may be decisive in inflation expectations and the FED interest rate decision.
“Crypto currencies have been waiting for the FED to enter the monetary expansion cycle like other assets for a while. However, if the inflation does not fall with the tariffs, the frequency of interest rates of the FED may be reduced, which may reveal a negative scenario for crypto currencies.”
