Tariffied & Tested: 12.5% Duties Hit 60 Nations, $BTC Loses Its $65K Receipt 🧾

The Trump administration announced new global tariffs of up to 12.5%, set to take effect just after midnight ET on Friday, replacing temporary 10% duties imposed on all countries. The measures target dozens of countries over forced labor allegations, according to senior administration officials cited by CNBC. Tariff rates will range from 10% to 12.5% and apply to 60 countries representing more than 99% of U.S. trade, the officials said. The Office of the U.S. Trade Representative has not projected the revenue the new tariffs would generate.

A senior Trump administration official described the action as "the most sweeping international labor rights action the United States has ever taken — that any country has ever taken." The official also stated that new taxes on steel and aluminum will not "stack" on top of existing Section 232 tariffs imposed on the metals for national security reasons.

Bitcoin extended its decline as the tariff news broke. $BTC fell to $64,985.16, down 1.37% at the time of writing on Thursday, July 23, having already dropped below the $65,000 mark earlier in the day amid escalating U.S.-Iran tensions. Lower-than-expected U.S. initial jobless claims data also weighed on market sentiment.

The cryptocurrency sector has tracked risk-off moves in traditional markets throughout the week, with traders citing macroeconomic uncertainty tied to trade policy and geopolitical developments. The fresh tariff announcement adds a new variable for digital asset investors monitoring the impact of U.S. economic policy on global markets.