There are developments over the weekend regarding customs duties putting pressure on Bitcoin and Cryptocurrencies! These should be known before tomorrow's market opening!

According to White House economic advisor Kevin Hassett, over 50 countries have contacted the U.S. to negotiate following the comprehensive new tariffs announced by President Donald Trump earlier this week.

The 10% “basic” customs duty that came into effect on most products imported from the US has sparked quick reactions worldwide. While some countries hinted that they would retaliate, others, like Indonesia and Taiwan, signaled that they wanted to avoid escalating trade tensions by announcing that they would not impose retaliatory tariffs.

It was reported that Israeli President Benjamin Netanyahu went to Washington to hold direct trade talks with Trump, while UK Prime Minister Keir Starmer painted a bleak picture in a speech he gave in Parliament: “The world as we knew it has disappeared,” said Starmer, adding that the British government was ready to take action to protect the national economy from potential impacts.

Economists warn that customs duties could lead to rising prices for American consumers and disruptions in the supply chain. Following the announcement, markets experienced fluctuations while Trump addressed the nation via social media. The president, who was playing golf in Florida on Saturday, said, “Hold on tight, this is an economic revolution. It won’t be easy, but the outcome will be historic.”

Meanwhile, just a few hours after the customs duties went into effect, Elon Musk, speaking in front of an Italian audience, expressed hope for a “duty-free situation” between the USA and Europe in the future. The CEO of Tesla and SpaceX, who informally advises Trump on trade and innovation issues, stated that a more free trade environment continues to be an ideal goal in the long term.