Trump signs historic reciprocal tariffs on all countries
US President Donald Trump announced new historic reciprocal tariffs on all world countries, that start with a base 10% and rise by many folds depending on the country.
He described the new tariffs as “a declaration of independence” and today as the “liberation day”.
He accused the world of “looting, pillaging, and raping the US for many years” on the economic trade fronts, with barriers being put in front of US companies worldwide.
The new tariffs will stack on top of the 25% auto tariffs already announced a few days ago and will go into effect this week.
Ripple extends gains despite trade uncertainty and plunging sentiment
Most cryptocurrencies rallied on Wednesday despite spreading uncertainty in the markets due to the escalating global trade wars.
US President Donald Trump is shocking the market with aggressive reciprocal tariffs on all countries that impose tariffs on US products.
US Treasury Secretary Scott Bessent told Congress that Trump will impose the highest level of tariffs on countries, which will be the starting point for any negotiations to cut them.
Earlier labor data showed the US private sector added 155 thousand jobs in March, beating estimates of a 118 thousand addition, and up from the addition of 84 thousand in January.
Ripple is strongly supported by banking sectors and cross-border money transfer companies, boosting its status.
Ripple
On trading, Ripple rose 3.5% on Coinmarketcap as of 20:22 GMT to $2.2.
Oil climbs, Brent trades near $75 a barrel
Oil prices rose on Wednesday despite earlier data that showed a surge in US crude stocks.
The Energy Information Administration reported a buildup of 6.2 million barrels in US crude stocks last week to 439.8 million barrels, while analysts expected a drop of 0.7 million barrels.
Gasoline stocks fell by 1.6 million barrels to 237.6 million barrels, as distillate stocks rose by 0.3 million barrels to 114.6 million barrels.
The EIA reported an increase of 885 thousand bpd in US oil demand to 20.1 million bpd.
US President Donald Trump is shocking the market with aggressive reciprocal tariffs on all countries that impose tariffs on US products.
On trading, Brent June futures rose 0.6%, or 46 cents to $74.95 a barrel.
US crude futures due in May rose 0.7%, or 51 cents to $71.71 a barrel.
Gold extends gains and hits fresh record highs
Gold prices rose on Wednesday as the dollar fell against most major rivals, with the precious metal hitting fresh record highs.
US President Donald Trump is shocking the market with aggressive reciprocal tariffs on all countries that impose tariffs on US products.
US Treasury Secretary Scott Bessent told Congress that Trump will impose the highest level of tariffs on countries, which will be the starting point for any negotiations to cut them.
Earlier labor data showed the US private sector added 155 thousand jobs in March, beating estimates of a 118 thousand addition, and up from the addition of 84 thousand in January.
Otherwise, the dollar index fell 0.4%% as of 19:51 GMT to 103.8, with a session-high at 104.3, and a low at 103.6.
On trading, gold spot prices rose 0.3% as of 19:53 GMT to $3164.4 an ounce.