U.S. President Donald Trump announced a significant policy of "mutual tariffs" affecting 185 countries in the White House Rose Garden, a move seen as one of the most disruptive actions in modern U.S. trade history. According to a statement released by the White House, the tariffs are based on the principles of "fairness and mutual assistance," imposing a baseline tariff of 10% on imported goods from all countries, with higher rates applied to certain countries at half of their existing tariff rates on U.S. goods. This policy not only triggered severe fluctuations in global stock markets but also has profound and complex potential impacts on the cryptocurrency market.

![Trump's "Mutual Tariffs" Shock the World: 185 Countries Face Unprecedented Trade Barriers, Where Will the Crypto Market Go?aicoinfigure1](https://static.aicoinstorge.com/article/20250403/174364410212704.png "Trump's "Mutual Tariffs" Shock the World: 185 Countries Face Unprecedented Trade Barriers, Where Will the Crypto Market Go?aicoinfigure1")

Overview of Tariff Policy: A Shocking Layout from 10% to 54%

Trump elaborated on the calculation logic of the tariffs during the "Make America Rich Again" event at 4 PM local time on April 2. He stated that the U.S. would respond "mercifully" by imposing tariffs at half the rate of other countries' tariffs on U.S. goods. For example, China currently imposes tariffs on U.S. goods reportedly as high as 67%, so the U.S. will impose an additional 34% tariff on Chinese goods, totaling 54% (including the previously implemented 20% tariff); the European Union will face a 20% tariff, while Japan is set at 24%. This policy raises the average U.S. tariff rate to 22%, the highest level since 1910, far exceeding the 2.5% expected in 2024.

The specific implementation timeline shows that the 10% baseline tariff will take effect on April 5, while the higher "mutual tariffs" for specific countries will be enforced starting April 9. Trump emphasized that these tariffs will remain in effect until he believes the "threat of trade deficits" is resolved. Notably, key commodities such as copper, pharmaceuticals, semiconductors, and lumber are exempted, while Canada and Mexico are not subject to new tariffs due to the United States-Mexico-Canada Agreement (USMCA), and the previously threatened 25%-50% tariffs on Russia have not been implemented.

Market reactions were swift and intense. The S&P 500 futures lost $2 trillion in market value within 15 minutes of Trump's speech, and Nasdaq 100 futures indicated a 500-point drop at the open, reversing 900 points from previous highs. The Kobeissi Letter noted that technology stocks are expected to face "severe weakness," and the complete tariff list released by the White House on the X platform further exacerbated market panic.

Global Economic Impact: The Shadow of Trade War Looms

Economists widely warn that these tariffs could trigger a global trade war and drag down economic growth. Olu Sonola, head of U.S. research at Fitch Ratings, stated, "This is a game changer for the U.S. and the global economy. If tariffs are maintained long-term, many countries could fall into recession." The Kobeissi Letter predicts that if tariffs persist, U.S. GDP growth could decrease by about 1.5 percentage points, while the Trump administration's goal of generating $600 billion annually from tariffs may only be achieved at 50%.

Global supply chains will be the first to bear the brunt. Reuters reported that trade partners are expected to take retaliatory measures, leading to price surges for goods ranging from bicycles to wine. Target CEO Brian Cornell has indicated that some seasonal food prices, such as avocados from Mexico, will be raised in the coming days; Best Buy CEO Corie Barry warned that prices for electronics could rise due to China and Mexico being major sourcing countries.

However, the short-term impact of the tariffs is not entirely negative. The White House emphasized that this move aims to boost U.S. manufacturing and reduce the trade deficit. Trump stated in his speech, "Other countries have used tariffs against us for decades; now it's our turn." This stance has garnered support from some U.S. exporters who believe that long-standing unfair trade practices need correction.

Immediate Reaction of the Crypto Market: Panic Selling and Safe-Haven Demand Coexist

The announcement of Trump's tariff policy had an immediate impact on the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) experiencing sharp declines as market risk aversion heightened. Bitcoin peaked at $88,500 before quickly retreating, dropping to around $83,000, a decline of over 6%. Ethereum plummeted from a high of $1,957 to $1,776, a drop of over 9%. Since the post-market peak, the cryptocurrency market has seen over $200 billion evaporate in market value.

![Trump's "Mutual Tariffs" Shock the World: 185 Countries Face Unprecedented Trade Barriers, Where Will the Crypto Market Go?aicoinfigure2](https://static.aicoinstorge.com/article/20250403/174364430585334.png "Trump's "Mutual Tariffs" Shock the World: 185 Countries Face Unprecedented Trade Barriers, Where Will the Crypto Market Go?aicoinfigure2")

This immediate reaction aligns with trends earlier this year. In early February, when Trump imposed tariffs on Canada, Mexico, and China, Bitcoin's price also saw a significant drop, with the market losing nearly $1 billion in value. Crypto.com analysis pointed out that cryptocurrencies, as high-risk assets, tend to be highly correlated with the stock market during periods of macroeconomic uncertainty, leading investors to sell off to mitigate risk.

However, beyond short-term selling, some investors are beginning to view cryptocurrencies as safe-haven assets. X user @savewithref noted that Bitcoin trading volume surged by 23% in countries affected by the tariffs, indicating a demand for hedging against dollar instability. Trading volumes for stablecoins like USDT and USDC also increased by 5% within an hour, suggesting a shift of funds from volatile assets to safer crypto options.

Potential Long-Term Impacts: Opportunities and Challenges Coexist

Although the cryptocurrency market is under pressure due to economic uncertainty caused by the tariffs in the short term, the long-term effects may be more complex and dual-faceted. Various parties assess as follows:

X user @Build_L2 believes that the long-term goal of mutual tariffs is to reduce the U.S. trade deficit through trade protectionism, which could undermine the dollar's dominance as the global reserve currency. In this scenario, decentralized assets like Bitcoin may benefit from their anti-inflationary characteristics and independence from sovereign currencies. CoinShares previously analyzed that under trade wars and inflationary pressures, Bitcoin could shift from short-term volatility to long-term appreciation, becoming a "safe-haven asset."

OKG Research pointed out that imposing a 20% tariff on Chinese electronics will raise the price of Bitcoin mining machines, with costs expected to increase by 17%. This could extend the return on investment (ROI) period for new mining sites, putting pressure on U.S. domestic mining companies. However, if tariff exemptions for semiconductors can be maintained, the mining hardware supply chain may partially alleviate the impact.

Both Reuters and The Kobeissi Letter warned that retaliatory tariffs from trade partners could lead to a global economic slowdown, further exacerbating market volatility. Nasdaq reported that since 2025, the correlation between the cryptocurrency market and the stock market has been increasing, and tariff policies may continue this trend, leading to more uncertainty for major cryptocurrencies like Bitcoin, Ethereum, and XRP.

X user @savewithref mentioned that in high-tariff countries like China and Vietnam (facing 46% tariffs), businesses and individuals may accelerate the adoption of cryptocurrencies to circumvent trade barriers and currency devaluation risks. This "perfect storm" could drive the proliferation of crypto assets in emerging markets.

Zach Pandl, head of research at Grayscale, stated in an interview that the negative impacts of tariffs may have already been partially "priced in" by the market, and the worst phase may have passed. He believes that if Trump's tariff policy is implemented in phases and focused on a few high-tariff countries, the cryptocurrency market may gradually return to being driven by fundamentals. CoinShares predicts that after short-term volatility, Bitcoin may regain upward momentum due to rising inflation expectations.

The Tax Foundation warns that historically, higher tariffs often lead to price increases, resulting in slower economic growth and job losses. If a global trade war fully erupts, the safe-haven attributes of the cryptocurrency market may not be sufficient to offset the overall economic downturn. Jay Hatfield, CEO of Infrastructure Capital Advisors, bluntly stated, "This is the worst-case scenario anticipated by the market, which could push the U.S. into recession."

Conclusion: The Crypto Market at a Crossroads

Trump's "mutual tariffs" undoubtedly introduce new variables for the global economy and the cryptocurrency market. In the short term, panic selling and market volatility are unavoidable, especially as technology stocks and crypto assets may continue to face pressure. However, in the long run, the potential erosion of the dollar's status, Trump's pro-crypto inclination, and adoption opportunities in emerging markets may open new growth avenues for cryptocurrencies.

For investors, the current situation demands close attention to global economic dynamics and policy details. Whether the cryptocurrency market can find its footing under the shadow of a trade war remains to be seen. As Trump stated in his speech, "This is the beginning of a new era." For cryptocurrencies, this may be both a challenge and an opportunity.

This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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