Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Bitcoin is on track to achieve one of its biggest September gains in years, with a rise of over 10% this month. This defies the usual trend, as the cryptocurrency typically experiences an average 5.9% decline in September, according to data from Bloomberg. An index tracking smaller cryptocurrencies has surged by more than 20%, signaling a boost in the riskier segments of the market.
The rally comes as central banks, including the US Federal Reserve, the European Central Bank, and the People’s Bank of China, cut interest rates in September to stimulate economic growth. The accommodative monetary policies have prompted investors to buy up assets across the board, including stocks and gold, with Bitcoin benefiting from the increased liquidity.
"Bitcoin’s correlation with monetary policy continues to be strongest with respect to the Fed," said Sean McNulty, director of trading at Arbelos Markets.
On Friday, Bitcoin climbed as much as 1.2%, reaching US$65,334 as of 1:12 p.m. in Singapore. It has gained 56% so far in 2024, supported by inflows into US Bitcoin exchange-traded funds, but it remains below its record high of US$73,798 set in March.
While the US$65,000 level could act as a resistance due to the expiry of options contracts, a failure to break above this price "decisively" might indicate a weaker period ahead, according to Kraken. Beyond monetary policy, the crypto market is also eyeing the US presidential election for potential regulatory clarity that could further boost sentiment.
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