Bitcoin Tumbles Below $65K as Trump Unveils New Global Tariffs

Bitcoin's price fell below $65,000 after the Trump administration announced new tariffs on imports from 60 trading partners. The U.S. Trade Representative linked the measures to inadequate enforcement against goods made with forced labor.

The tariffs will take effect at 12:01 a.m. ET on Friday, replacing the temporary 10% global tariff scheduled to expire the same day. Countries and territories that have introduced partial restrictions or made related commitments will face a 10% rate, while those that have made less progress will face a 12.5% tariff.

The announcement added to the pressure on risk assets, with the Nasdaq Composite falling about 2.2% to a four-week low and the S&P 500 losing 1.2%. Strong labor data also contributed to the decline, as initial jobless claims fell by 22,000 to 187,000 in the week ending July 18.

Leveraged traders took most of the immediate damage from the decline, with total liquidations reaching about $162 million. Bitcoin's market capitalization stood near $1.3 trillion at the time of reporting.