Trump’s Sweeping Tariffs Shake Global Markets

Trump Signs Executive Order on Reciprocal Tariffs, Floats Replacing Income Tax With Trade Revenue

President Donald Trump has signed an executive order imposing reciprocal tariffs on U.S. trading partners, along with a 10% baseline tariff on all imports. Under the new policy, tariffs on foreign goods will be set at approximately half the rate of what other nations impose on U.S. exports, with China facing a 34% tariff and all imported automobiles subject to a 25% duty.

Trump framed the move as a return to historical economic policies, referencing the pre-1913 era when tariffs funded the government before the introduction of income tax. He reiterated his campaign proposal to abolish the IRS and replace income tax with tariff revenue, a plan Commerce Secretary Howard Lutnick supports through what he calls an “External Revenue Service.” Analysts estimate this could save taxpayers between $134,809 and $325,561 over their lifetimes, though broader economic impacts remain uncertain.

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Trump’s Sweeping Tariffs Shake Global Markets, Crypto Drops as Bitcoin Falls Below $83K

Global financial markets and crypto prices tumbled after President Donald Trump announced reciprocal tariffs impacting nearly 200 U.S. trading partners. The policy, set to take effect in early April, includes a 10% baseline tariff on imports and up to 49% on select goods, with a 25% tariff on foreign-made cars.

Bitcoin fell 3% to $82,600 after nearing $88,000 earlier, while altcoins saw steeper losses—Ether dropped over 6% below $1,800, and Solana declined 6.5% to $118. The Official Trump memecoin fell more than 12% to under $10. Meanwhile, U.S. stock futures slid 2%-4%, with Apple, Amazon, and Nvidia suffering steep after-hours declines.

The tariffs could significantly impact the Bitcoin mining industry, as key ASIC chips primarily come from China. Increased costs could push out less efficient miners, while some speculate the additional federal revenue could support Trump’s reported interest in acquiring Bitcoin.

OKX Hired Former NY Governor Andrew Cuomo Amid Federal Probe and $505M Settlement

Cryptocurrency exchange OKX reportedly enlisted former New York Governor Andrew Cuomo to advise on legal matters related to a federal investigation that led to the firm pleading guilty to operating an unlicensed money-transmitting business. Bloomberg reports that Cuomo, a New York-registered attorney, provided counsel after his resignation in August 2021, regularly advising OKX executives on their response to the probe.

OKX agreed to pay $505 million in fines and penalties for violating US Anti-Money Laundering laws between 2018 and 2024, despite policies barring US users since 2017. Cuomo also reportedly influenced the company’s executive appointments, recommending former New York financial regulator Linda Lacewell, who was later named OKX’s chief legal officer on April 1. Following the settlement, OKX committed to strengthening its regulatory compliance efforts.

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Lawmakers Demand SEC Transparency on Trump’s Crypto Firm Amid Conflict of Interest Concerns

Senator Elizabeth Warren and Representative Maxine Waters have urged acting SEC Chair Mark Uyeda to preserve records related to World Liberty Financial (WLFI), a crypto firm tied to Donald Trump’s family. In an April 2 letter, the lawmakers expressed concerns that Trump’s financial stake in WLFI could influence regulatory decisions, potentially compromising the SEC’s impartiality. Their request follows WLFI’s recent launch of a stablecoin, USD1, and Trump’s broader crypto initiatives, including a national cryptocurrency stockpile and the TRUMP memecoin. The letter also highlighted the SEC’s recent leniency towards crypto firms linked to Trump’s 2024 campaign donors. Meanwhile, Paul Atkins, Trump’s nominee for SEC chair, is set for a Senate Banking Committee vote on April 3.

Resources:

Bloomberg

democrats-financialservices.house.gov