President Donald Trump announced Wednesday that he had authorized “substantially lowered” reciprocal tariffs across the world, prompting Bitcoin and stocks to roar back into form.
- From his Truth Social account, Trump said that over 75 countries “have called Representatives of the United States” to discuss trade negotiations after Trump’s onslaught of global tariffs last week.
- This prompted him to lower he reciprocal tariffs on those countries to 10%, effective immediately. “Thank you to your attention on this matter,” Trump stated.
- Commerce Secretary Howard Lutnick said he sat with the President and Treasury Secretary Scott Bessent as Trump crafted the post. “The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” he tweeted Wednesday.
- China’s tariffs remain in place, and have been increased to 125%, due to their “lack of respect” for global markets, Trump said.
- Following the announcement, BTC surged from $77,000 to $81,900 at writing time.
- Per Coinglass, over $169 million in shorts have been liquidated in the past hour.
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