In the grand theater of global trade, the fourth act unfolds with a flourish, courtesy of none other than the maestro himself, President Donald Trump. His latest composition, announced on April2ndâa day whimsically dubbed âLiberation dayââhas the worldâs stock markets performing a tragic ballet, pirouetting towards what appears to be the prologue of an international trade war saga.
A Universal Overture of Tariffs đśđ
As the ever-vigilant CryptoPotato noted, Trumpâs tariff symphony was tuned to a universal key of10%, with certain countries facing crescendos of their ownâChina at34%, Vietnam at a staggering46%, Japan at24%, and the European Union at20%. Trump, the conductor, declared these tariffs âreciprocal,â a necessary measure to balance the scales of trade.
But wait, thereâs more! Imports will dance to the tune of not only the universal tariff but also the specific reciprocal levies, creating a complex choreography of commerce.
The international ensemble responded with alacrity; China, in particular, countered with its own tariffs and a bold move to curb exports of critical minerals, labeling Trumpâs actions as âbullyingâ and a breach of trade decorum.
Meanwhile, the tension between the US and its trading partners swells, though many hold back from retaliatory measures, choosing instead to negotiate in the hope of striking a harmonious chord. MaroĹĄ Ĺ efÄoviÄ, the EUâs trade commissioner, offered a âfrankâ dialogue with US representatives, hinting at both negotiation and defense of interests.
A Market in Freefall, Tech Giants in the Tumble đđ¤
The stock marketâs reaction was nothing short of dramatic, with major indices plummeting on April2nd and continuing their descent throughout the week. By Thursday and Friday, a staggering $5 trillion in market cap had evaporated, marking the worst week since the COVID crash.
The S&P500 took a tumble, losing over6%, while the Dow Jones Industrial Average and Nasdaq100 found themselves in a bear market ballad, as reported by Business Insider.
No sector was immune, and tech giantsâMicrosoft (MSFT), Apple (AAPL), Nvidia (NVDA), et al.âall played their part in this tragic market opera, charting significant losses.
Bitcoinâs Ballet: A Solo Performance đđ
While traditional markets twirled in turmoil, Bitcoin, the digital prima ballerina, danced to its own rhythm. Contrary to expectations, it remained remarkably composed, dipping a mere0.3% over the past seven days, according to CoinGecko.
CryptoPotato earlier reported on Bitcoinâs graceful detachment from traditional assets, with industry experts marveling at its resilience and some even suggesting a potential upswing in the coming weeks.
âBTCâs positive divergence from gold and risk in the past24 hours is striking. Havenât seen it to this extent in a long time,â mused MacroScope, capturing the essence of Bitcoinâs solo performance amidst the chaos.
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2025-04-06 18:37