Key Takeaways
- Bitcoin surged by 8% due to Trump’s 90-day tariff pause for all countries except China, which now faces a 125% tariff.
- Major tech stocks, including Tesla and Nvidia, also saw significant gains.
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Bitcoin jumped 8% to $82K today after President Donald Trump announced a 90-day pause on tariffs for all countries except China, triggering a broad rally across financial markets.
Trump’s statement on Truth Social raised tariffs on Chinese imports to 125% effective immediately, while easing pressure on other countries with a 90-day pause.
He cited that over 75 countries had contacted US officials recently to discuss trade and currency matters, implementing a reduced reciprocal tariff of 10% during the 90-day period.
“Based on the lack of respect that China has shown to the world’s markets,” Trump wrote in a Truth Social post, “I am hereby raising the tariff charged to China by the United States of America to 125%, effective immediately.” Trump added, “I have authorized a 90-day pause on tariffs for all other countries, and a substantially lowered reciprocal tariff during this period, of 10%, also effective immediately.”
US Secretary of Commerce Howard Lutnick confirmed his presence during the message’s drafting, stating on X,
“Scott Bessent and I sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency. The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction.”
Treasury Secretary Scott Bessent issued a stern message at a White House press conference, warning other nations not to retaliate and emphasizing that any country willing to negotiate with the United States would be heard and potentially rewarded.
The announcement sparked a broad market rally. The S&P 500 rose 9%, while the Nasdaq gained 10%. Among tech stocks, Tesla surged 14%, Nvidia 12%, Apple 11%, Microsoft, Meta, and Amazon each rose 8%, and Google added 6%.
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