Bill Ackman, a famous hedge fund manager and a longtime supporter of Donald Trump, called for a 90-day halt to the increase in U.S. tariffs scheduled to take effect from April 9. He warned that implementing these policies could lead the country towards an ‘economic nuclear winter,’ resulting in a sharp decline in business confidence, halting investments, and widespread layoffs. Ackman wrote on social media: ‘This is not what we voted for. Trade is based on trust, and the president is eroding the trust of global economic leaders.’ The reaction came after Trump announced imposing a 25% tariff on all foreign cars, a 10% base tariff on imports, and new retaliatory tariffs. According to Trump, American taxpayers have been taken advantage of for decades, and it’s time for a change. However, the government’s proposed formula, which divides the trade deficit over imports, has been described by economists as incorrect and simplistic. Ackman emphasized that these actions erode global trust in the U.S. as a trading partner. The impact of this lack of confidence in global markets, especially in the cryptocurrency market, is evident. In the past 24 hours, the price of Bitcoin (BTC) has dropped by 7.6% to $76,960, reducing its market value by around $70 billion. The price of Ethereum (ETH) has also fallen by 14.5% to $1,546. Meanwhile, Tracy Jin from the MEXC exchange warned that if this situation continues, the price of Bitcoin may fall to the range of $52,000 to $56,000 by summer. Ethereum may also have a weaker performance due to structural challenges. On the page of the momentary prices of digital currencies, you can see the live and momentary prices of all tokens and cryptocurrencies.
