Trump's announcement of 25% steel and aluminum tariffs causes Bitcoin to Stumble

On February 10, 2025, Bitcoin experienced a downturn following the announcement by U.S. President Donald Trump of new tariffs on steel and aluminum imports. The crypto markets are recovering after an initial dip that followed the tariff announcements.

President Trump announced a 25% tariff on steel and aluminum imports. He also signaled that reciprocal tariffs would be announced soon.

In response to the news, crypto markets initially fell more than 2%. Bitcoin's price declined, and the broader crypto market experienced a wipeout of $2.26 billion.

According to Nick Forster, the tariffs are likely to increase inflation, which could dampen sentiments of investors in the crypto markets.

Following Trump's announcement of reciprocal tariffs, financial markets experienced a downturn. Concerns about rising inflation due to the duties were also noted.

Announcement by Trump follows earlier actions, including tariffs on imports from Canada, Mexico, and China. These actions had already caused a downturn in crypto values.

Value of Bitcoin previously dropped, reaching as low as $92,000 before recovering. Other crypto like Ethereum etc, also saw significant price decreases.

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