How Trump’s Letters Are Crushing Crypto Prices
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The cryptocurrency market experienced a significant downturn, declining by 4.5% in the past 24 hours, following President Donald Trump’s announcement of new tariffs targeting several countries. Concurrently, the crypto stocks and stocks of publicly listed Bitcoin miners have also suffered notable losses. Crypto Market in Freefall Amid Trump’s Latest Tariff Letters On July 7, President Trump sent tariff letters to 14 countries, imposing rates ranging from 25% to 40%. South Korea and Japan were the first to receive new letters. Shortly after, he sent nearly identical notices to 12 other countries. These included Tunisia, Kazakhstan, Serbia, Bosnia, Myanmar, Laos, Bangladesh, Malaysia, Cambodia, Thailand, Indonesia, and South Africa. 🇺🇸 Trump’s new imposed tariffs on countries so far: 🇯🇵 Japan: 25%🇰🇷 South Korea: 25%🇲🇾 Malaysia: 25%🇰🇿 Kazakhstan: 25%🇹🇳 Tunisia: 25%🇿🇦 South Africa: 30%🇧🇦 Bosnia: 30%🇮🇩 Indonesia: 32%🇧🇩 Bangladesh: 35%🇷🇸 Serbia: 35%🇰🇭 Cambodia: 36%🇹🇭 Thailand: 36%🇱🇦 Laos: 40%🇲🇲… pic.twitter.com/0REQAdIuhS — Crypto India (@CryptooIndia) July 8, 2025 “US Treasury Secretary Bessent says over 100 countries did not respond to US tariffs with trade deals. All of these countries are expected to receive tariff letters,” The Kobeissi Letter revealed. In the letters, Trump expressed concern over the trade deficits the United States has with these countries. He also warned that any retaliatory actions would be met with further tariff increases. Economist Peter Schiff criticized the move, stating that Trump’s letters reflect a fundamental misunderstanding of trade. He argued that tariffs are not connected to America’s trade deficits with Japan or South Korea. “Japan’s tariffs on US goods average less than 2%, and Korea’s average less than 1%. Our trade deficits result from South Korea and Japan making more goods that Americans want to buy than the goods we make that they want to buy. Trump’s 25% tariffs will have a minimal effect on our trade…
Filed under: News - @ July 8, 2025 7:23 am