Bitcoin Price Dropped to $82K, After Trump Announced Reciprocal Tariffs on 185 Countries

Key Points

• Trump’s move marks one of the largest tariffs in US history.
• Approximately $2 trillion in S&P 500 futures market cap was erased in under 15 minutes.

Yesterday, the US President, Donald Trump, announced reciprocal tariffs on 185 countries at once, marking one of the largest tariff implementations in US history.

The S&P 500 futures lost around $2 trillion in market cap in under 15 minutes, according to a report from The Kobeissi Letter, and the crypto market is also down by around 1%, with Bitcoin price sliding to $82,000, ahead of a rebound above $83,000.

Bitcoin Price Rebounded to $83,000 Levels

At the moment of writing this article, Bitcoin is trading above $83,000, down by over 1% in the past 24 hours. Bitcoin recorded a price drop from over $87,000 on April 2 to its current levels.

BTC price in USD today

According to Coinglass data, in the past 24 hours, Bitcoin recorded over $178 million in liquidations, with almost $61 million in long positions and over $117 million in shorts.

Bitcoin price lost more than 2% yesterday, after the Trump tariffs announcement.

However, today, Bitcoin slightly rebounded following its drop to $82,000 earlier.

Trump Announced Tariffs on 185 Countries

The Kobeissi Letter announced via a thread on X that Trump implemented reciprocal tariffs on 185 countries at once, leading to a crash in S&P futures – approximately $2 trillion of market cap was erased in under 15 minutes.

The announcement began with a WSJ report stating that a 10% baseline tariff would be imposed by the US, and markets took it as all the reciprocal tariffs were 10%. Things changed as Trump announced other tariffs that were above 10%.

During the announcement, Trump explained how the tariffs were calculated, saying that the US is very kind, and the tariffs will be imposed at half the rate of what countries are currently charging the US.

China currently charges 67% tariffs, and the US will implement half, around 34% for the country. The European Union will receive 20% tariffs and Vietnam, 46%, according to official notes.

The White House posted a full list of tariffs on X, sending futures to a new low.

The Kobeissi Letter highlighted that while tariffs are above 10%, the world expects to see rates above those seen during WW2.

Tariff Exemptions

USMCA-compliant goods will not see new tariffs. Some other tariff exemptions include the following:

• Copper
• Pharmaceuticals
• Semiconductors
• Lumber articles

Tariffs Timing, and Upcoming Tax Cuts

The baseline of 10% tariffs on all countries is set to take effect on April 5, and individual reciprocal tariffs will take effect on April 9.

President Trump also said that tax cuts are coming, highlighting that these will be the largest tax cuts in US history.

The tax cuts will not include Social Security, Medicare, or Medicaid benefits.

“Reciprocal tariffs” are officially HERE:

President Trump just announced tariffs on 185 countries AT ONCE, one of the largest tariffs in US history.

S&P 500 futures erased -$2 TRILLION of market cap in under 15 minutes.

What just happened? Let us explain.

(a thread) pic.twitter.com/S4pmsDweNB

— The Kobeissi Letter (@KobeissiLetter) April 2, 2025

Yesterday, Trump shared a post, highlighting that “It’s Liberation Day in America.”

Trump via Truth Social

CNBC reported that China and the EU vowed to take countermeasures, following Trump’s latest announcement.

China and the EU’s Countermeasures

According to CNBC, China’s Ministry of Commerce urged the US to cancel its unilateral tariff measures and vowed to take resolute countermeasures to safeguard its own rights and interests.

He reportedly described these reciprocal tariffs as “unilateral bullying practice.”

The EU is also preparing countermeasures against the US tariffs if negotiations fail, EC President Ursula von der Leyen said, quoted by CNBC, highlighting that this is a major blow to the world economy.

It’s also worth noting that Trump’s 25% tariffs on imported vehicles to the US have taken effect.

While traditional markets recorded significant losses, the crypto market seems to be holding steady and maintains optimism amidst global rising adoption, continued institutional interest, and upcoming QE in the US which is expected to be announced by the Fed.