US President Trump announced a series of tariffs on US trade, increasing the possibility of a full-scale trade war and potentially leading the US economy into recession, with US stock index futures plummeting over 3%. Bitcoin dropped directly from its 88,500 high last night to 82K. Ethereum fell below $1,800 again from $1,957.
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ToggleTrump's Aggressive Tariffs, US Stock Futures Plummet
Trump stated that he will impose at least 10% tariffs on all products imported to the US from today and additional tariffs on around 60 countries with the most trade imbalances. China will face a 34% tax rate, the EU will face 20% taxation, Vietnam will face 46% tariffs, and Taiwan will face 34% levies. Goods from Canada and Mexico that comply with USMCA regulations will not be affected by the latest round of tariffs.
Countries with the largest export shares to the US are planning retaliatory measures. Informed sources revealed that the EU is developing a set of emergency measures to support the economic sectors most likely to be hit. Canadian Prime Minister Mark Carney stated that he is prepared to impose additional retaliatory tariffs.
A full-scale trade war is imminent. Treasury Secretary Scott Bessent urged US trading partners not to take retaliatory measures. Bessent stated: "Unless retaliated against, this figure is already at the highest level." He urged everyone to come and negotiate with the US.
As hopes for more lenient tariff plans were dashed, US stock index futures plummeted after hours, with S&P 500 index futures falling over 3.5% and Nasdaq 100 index futures contracts dropping 4.5%.
Cryptocurrency Plummets Across the Board, BTC 82K
The top ten cryptocurrencies by market cap all declined. Bitcoin dropped directly from its 88,500 high last night to 82K. Ethereum fell below $1,800 again from $1,957.
BNB fell below $600, and Solana dropped over 7% in 24 hours.
FDUSD Insolvent and Significantly Depegged? Binance Quickly Clarifies
Last night, Justin Sun claimed that First Digital Trust was insolvent, with FDUSD significantly depegging to 0.88. Binance quickly issued a statement this morning, presenting its February attestation report, confirming that FDUSD can be redeemed at a 1:1 ratio with the US dollar. Regarding the upcoming March attestation report, Binance will also conduct an in-depth review of FDUSD's reserves, with the report expected to be released within the next two weeks.
Before the deadline, FDUSD's price returned above 0.98.
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
