America will introduce new import duties in seven days for dozens of countries that do not have a trading deal with Washington. President Donald Trump announced this today. The measures immediately cause unrest on the cryptomarket, where prices came under pressure.
US wants to perform pressure for Handelsdeals
Initially the new rates would take effect today, but the introduction was postponed by a week. According to the US government, more time is needed for implementation. The previously announced levy of 15 percent on products from the European Union is also temporarily suspended, pending a definitive deal.
With this step, the US wants to put pressure on countries that have not yet concluded a bilateral trade agreement. “It’s about fair trade,” a government spokesperson told CNN. Countries that export more to the US than they import are hit hardest.
The heaviest levy goes to Syria, which receives a rate of 41 percent. Laos and Myanmar are also affected by 40 percent. Switzerland eventually gets 39 percent, despite previous plans for 31 percent.
Canada tackled for fentanyl
Canada gets an extra increase from 25 to 35 percent. Trump reproaches the neighboring country too little against the smuggling of Fentanyl, an opioid who causes thousands of deaths a year in the US. The increase does not apply to products that fall under the trade treaty between Canada, the US and Mexico.
In recent months, the US has closed eight new trading deals, including Japan, Indonesia and South Korea. It was agreed with the European Union that Brussels will not take countermeasures and invest billions in American energy and defense products.
Crypto under pressure after trade measures vs
Investors respond nervously to the news from Washington. The Bitcoin (BTC) price fell by 2.4 percent to $ 115,500 in 24 hours. Ethereum (ETH) even lost five percent and is at $ 3,670.
The wider cryptomarkt also got a tap. The total market value of all cryptos fell by 3.13 percent to 3.77 trillion dollars. Analysts see the new geopolitical tensions as a risk for risky assets such as crypto.
Source: https://newsbit.nl/trump-maakt-nieuwe-importheffingen-bekend-cryptomarkt-reageert-met-daling/
