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      Bitcoin Is Down 10% Since Trump’s Global Tariff Announcement

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      The rapid drop shows that cryptocurrencies, which the president has promoted, are subject to the same market gyrations as any other risky asset.Virtually everyone in the cryptocurrency world celebrated the second election of President Trump, an enthusiastic booster of the industry who promised to turn the United States into the “crypto capital of the planet.”But now the man nicknamed “the first Bitcoin president” is presiding over a Bitcoin crash.Since Mr. Trump announced his global tariffs last week, the price of Bitcoin has plunged 10 percent, dropping below $78,000 on Sunday night. In January, Bitcoin reached a record price of nearly $110,000 on the day that Mr. Trump was inaugurated.The rapid drop shows that Bitcoin, often pitched as a stable long-term source of value, is still subject to the gyrations of the broader market that has cratered since Mr. Trump announced broad import taxes last week. Many investors treat Bitcoin just like any other tech stock, a risky investment that it makes sense to sell in difficult times.Ever since he won a second term, Mr. Trump has largely made good on his promises to help the crypto industry. He has appointed regulators who support crypto and signed an executive order directing the creation of a government stockpile of Bitcoin.At the same time, Mr. Trump has also broadened his personal investments in the crypto world, marketing a so-called memecoin to his supporters.But the impact of his tariffs on the crypto market has led to some disgruntlement.“Crypto is weird, but it’s mostly correlated to optimism & risk appetite,” Haseeb Quresehi, a venture investor who specializes in crypto, wrote on social media on Sunday. “That optimism is crumbling under Trump’s silence.” More

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      Stocks in Asia Fall Sharply, Extending a Rout Caused by Trump’s Tariffs

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      Futures on the S&P 500, which allow investors to trade the index before regular trading begins on Monday, added to last week’s sell-off.Financial markets were hit hard by another wave of selling at the start of trading in Asia on Monday, with investors and economists grappling with rising odds of a severe economic downturn caused by President Trump’s significant new tariffs on imports.Trading was extremely volatile. Stocks in Japan plunged over 8 percent, while South Korea tumbled about 5 percent. In Australia, stocks fell more than 6 percent.Over the weekend, analysts circulated notes warning that Asia could be particularly vulnerable to a tit-for-tat exchange of retaliatory tariffs between China and the United States. Many countries in the region, including Japan and South Korea, count both nations as their top trading partners.President Trump doubled down on Sunday evening, saying that he would not ease his tariffs on other countries “unless they pay us a lot of money.” He also dismissed concerns that his steep new taxes on imports will lead to higher prices. “I don’t think inflation is going to be a big deal,” he told reporters on Air Force One.On Friday, China struck back at the United States with a 34 percent tariff on a number of American exports, matching a 34 percent tariff that Mr. Trump imposed on China last week.On Monday, stock benchmarks in Hong Kong and Taiwan plunged about 10 percent when they started trading. Stocks in mainland China were down about half that amount.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      After Trump’s Tariffs, Stocks Plunged but Penguin Memes Ticked Up

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      The internet poked fun at the Trump administration’s decision to impose new tariffs on Heard Island and McDonald Islands, Australian territories near Antarctica where many penguins but no people live. The Trump administration this week levied sweeping tariffs across the globe, provoking retaliation from other countries and sending the stock market tumbling. An unexpected consequence? Penguin memes.Images of the flightless birds have waddled their way across the internet this week after President Trump imposed tariffs on Heard Island and McDonald Islands, Australian territories near Antarctica that are home to many penguins but no people.One meme featured an altered photo of the explosive February White House meeting in which Mr. Trump and Vice President JD Vance publicly clashed with President Volodymyr Zelensky of Ukraine. Instead of a fiery confrontation with the wartime leader, however, Mr. Trump and Mr. Vance sit next to a black-and-white bird.One person who posted the meme wrote, “Maybe it didn’t say thank you?” in a possible reference to Mr. Vance’s accusation that Mr. Zelensky had not appropriately thanked the United States for the military support Washington had provided Kyiv throughout the war.A different meme showed a penguin teaching sea gulls to aim their waste at Teslas, an apparent nod to Mr. Trump’s billionaire adviser, Elon Musk. Yet another showed a huge gathering of penguins with a caption citing “Unprecedented protests” on Heard Island and McDonald Islands, “as the population rises up” against Mr. Trump’s imposition of across-the-board tariffs.The UNESCO World Heritage Convention notes the islands’ “complete absence of alien plants and animals, as well as human impact.” Still, Mr. Trump included the desolate islands on his list, imposing the 10 percent base-line tariff he placed on nearly all goods imported into the United States.The Wednesday announcement, which Mr. Trump described as America’s “Liberation Day,” sent shock waves across the world as both allies and adversaries scrambled to make sense of the new and hefty tariffs. The move has shot U.S. import duties to the highest levels in over a century.Also slotted for new tariffs were the British Indian Ocean Territory, a collection of mostly uninhabited islands, save for U.S. and British soldiers stationed on joint military bases.Other islands subjected to tariffs included Tokelau, a territory of New Zealand that has fewer than 2,000 inhabitants; the Norwegian islands of Svalbard, which has about 3,000 residents; and Jan Mayen, where the only humans are the military personnel who operate a weather and coastal services station.Mr. Trump has said little about the methodology behind the new system of calculations, but each country’s new tariff rate appeared to come from a formula that takes the trade deficit America runs with a nation and divides it by the exports that country sent into the United States. The White House explained its methodology in this post, which essentially confirms that formula.Then, because Mr. Trump said he was being “kind,” the final tariff number was cut in half.It is not clear how the administration decided to add Heard Island and McDonald Islands to the list of tariffs. The White House did not immediately respond to request for comment.Jenny Gross More

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      Musk Says He Hopes Europe and U.S. Move to a ‘Zero-Tariff Situation’

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      Only three days after President Trump announced sweeping tariffs, including a 20 percent tariff on goods from the European Union, Elon Musk said on Saturday that he hoped that Europe and the United States moved “to a zero-tariff situation, effectively creating a free-trade zone.”Mr. Musk made the remarks during a videoconference appearance with Italy’s far-right League party in Florence. They came after the tech billionaire turned presidential confidant had stayed largely silent about Mr. Trump’s tariffs.During Mr. Trump’s first term, Mr. Musk had said there should be “no tariffs at all either way” between the United States and Britain.Mr. Musk also said that he hoped that the United States and Europe could “establish a very close partnership,” a statement that contrasted with the contempt members of Mr. Trump’s administration have shown for Europe, and statements by Mr. Trump himself, who claimed the European Union was created to “screw” America. He added that he wished there were “more freedom of people to move between Europe and North America.”Mr. Musk’s appearance at the League’s meeting, in which he warned of the dangers of censorship and mass immigration, came as he continued to use his influence to bolster far-right forces across Europe.Just a day earlier, Mr. Musk and Mr. Trump had voiced support for Marine Le Pen, the French far-right leader, who was convicted this week on embezzlement charges and disqualified from running for public office. Earlier this year, Mr. Musk publicized the German far-right Alternative for Germany party and weighed into Italy’s immigration debate, prompting the country’s president to rebuke him.On Saturday, he appeared at the party conference with Matteo Salvini, the leader of the League party. During his brief intervention, Mr. Musk also promoted the activities of his cost-cutting Department of Government Efficiency, supported Mr. Trump’s position on the war in Ukraine and attacked what he called the overregulation of the European Union. More

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      A Tariffs Cheat Sheet

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      An escalating global trade war has tanked markets and plunged corporate America into chaos. DealBook asked economists, investors and other experts to help make sense of what’s next.It was much worse than expected. President Trump’s attempt to reverse the rules of global trade through sweeping tariffs against dozens of nations, including major partners like the European Union, Japan and China, has caused a meltdown in global markets and sent corporate boardrooms scrambling.Today, 10 percent tariffs go into effect on all of America’s trading partners except Canada and Mexico. Additional, “reciprocal” tariffs will go into effect on dozens of other nations on Wednesday. China faces the toughest levies — at least 54 percent — and it hit back with its own toll on U.S. goods yesterday. Expect a response from the E.U. next week.Trump has argued that the economic pain caused by the tariffs will be short term and ultimately justified by a boom in the U.S. economy, but news of the measures hit investors hard. The benchmark S&P 500 closed yesterday near bear market territory, with analysts warning of an increased risk of recession.Jerome Powell, the head of the U.S. Federal Reserve, offered a somewhat glum outlook yesterday on the prospects for growth and warned of higher prices that he acknowledged could be more than temporary.There’s a lot going on. DealBook asked economists, investment researchers and other experts to help make sense of what’s next.How have the new tariffs changed the risk of a recession?We asked: Jason Furman, a professor of economics at Harvard and former economic adviser to President Barack Obama.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Tariffs: How the Math Affects Over 100 Countries

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      <!–> [–><!–>President Trump's new tariffs on more than 100 countries used the same simple formula to calculate the rate for each of them.–><!–> –><!–> [–><!–>The formula’s central value is the trade deficit, the difference between imports and exports between each country and the United States, for the year 2024.–><!–> –> <!–> –><!–> [–><!–> –> <!–> […] More

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      Ford offers discounts on cars and trucks as auto tariffs kick in.

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      Ford Motor said on Thursday that it was lowering prices on most of its vehicles to the same levels it charges employees in a bid to boost sales as President Trump’s tariffs on imported cars took effect.The tariffs began on Thursday on vehicles imported from Mexico, Canada, Japan, Germany and other countries. The duties — 25 percent of the value of the vehicle in most cases — are expected to increase prices of new cars and trucks and dampen demand.About half the vehicles sold in the United States each year are produced in other countries. Mexico is the top source of those cars and Canada is among the largest. For three decades, the United States, Canada and Mexico have had a free-trade zone, and automakers have moved parts and vehicles freely among the three countries.Ford’s new program, which the company is calling “From America, for America,” could help reduce a large inventory of unsold cars. In February, Ford had more cars in inventory as measured by how many days it would take to sell them all than all but three other brands — Jaguar, Mimi and Dodge — according to Cox Automotive, a research firm.Ford’s new discounts apply to all new 2024 and 2025 vehicles, except for specialty versions of the Bronco sport-utility vehicle; the Mustang sports car; Super Duty versions of F-Series pickups; and a few other models.“Consumers will pay what we pay,” Rob Kaffl, Ford’s director of U.S. sales and dealer relations, said in a statement.The automaker also said it was extending another incentive program in which buyers of new electric models get a home charger for free, along with the cost of installation. That offer is now valid until June 30.Ford had more than 568,000 vehicles in inventory at the end of March, up about 8 percent from a year ago. More

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      Apple Plunges 9 Percent, Leading a Tech Sell-Off

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      Apple led a sell-off of tech stocks on Thursday, falling about 9 percent. Its drop was one of its steepest intraday declines since early 2019, when the company plunged 10 percent after it warned that iPhone sales in China would fall short of its expectations at the time.Wall Street analysts who follow the company have been looking for signs that Apple will be granted a tariff exemption by the White House, as it did when the Trump administration began its previous round of tariffs in 2018. But after President Trump’s news conference yesterday, there was no indication that Apple would receive any relief.As a result, many analysts were scrambling to update their forecasts on Apple’s profits. The company counts on the sale of devices for three-quarters of its nearly $400 billion in annual revenue, and it makes almost all of its iPhones, iPads and Macs overseas.The investment bank TD Cowen estimates that every 10 percent of tariffs on a product imported from China, India or Vietnam — where Apple does most of its manufacturing — would reduce the company’s profit by more than 3.5 percent. The Wall Street advisory said Apple could offset that profit decline with a 6 percent price increase for every 10 percent of tariff. Given that China is being hit with 54 percent tariffs and that it makes 90 percent of the world’s iPhones, the price of most $1,000 iPhones would jump to about $1,300. More