Trump’s administration announced on July 24 that it would impose global tariffs of up to 12.5% on imports from more than 60 countries, effective at midnight Eastern Time on Friday, replacing the earlier temporary 10% tariff that applied to all countries. The price of Bitcoin fell to around $64,985, and the crypto market saw a notable increase in long liquidations. Iran transferred 10 to 21 members of the Islamic Revolutionary Guard Corps and shipped gold to help fund the Houthis.
Trump’s new global tariffs: 12.5% cap, 60-plus countries
The main provisions of Trump’s new tariff policy are as follows:
Tariff rates: 10% to 12.5% (varies by country)
Countries covered: more than 60 countries, covering over 99% of U.S. trade totals
Effective time: midnight Eastern Time on Friday (July 25), replacing the previous 10% temporary global tariff
Official rationale: the affected countries have forced labor issues and do not sufficiently ban forced labor in U.S. trade (conclusions from a White House investigation)
Non-overlapping policy: the new tax will not stack on top of the existing 232 steel and aluminum tariffs imposed on national security grounds
Other recent actions: a 25% tariff on Brazilian imports took effect on Wednesday; a 50% tariff on Canadian imports takes effect next month
Market reaction for Bitcoin: long liquidations intensify
As of the time of publication on July 23 (Thursday), Bitcoin was at $64,985.16, down 1.37%. Earlier that day, Bitcoin had broken above $65,000 amid rising tensions between the U.S. and Iran, but after news of Trump’s tariffs emerged, the rebound momentum was brief; the 15-minute chart showed Bitcoin printing bearish candles. Below-expected U.S. initial jobless claims data added pressure as the macroeconomic environment turned unfavorable, and the crypto market saw a notable increase in long liquidations. On July 24, Bitcoin fell back to around $64,900.
Reuters exclusive: July 13 Maahan Air transported IRGC commander to Yemen
On July 24 (Friday), Reuters published an exclusive report. According to four sources, on July 13 Iran transferred 10 to 21 IRGC personnel (including senior commanders) and missile and drone-related equipment via a Mahan Air flight from Tehran to Yemen, and shipped gold to fund the Houthis. The sources included two Iranian sources (anonymous for security reasons), Yemen’s information minister, and a regional security analyst. The flight was originally planned to land in Sana’a, a capital controlled by the Houthis, but due to attacks on the airport, it ultimately diverted to Hudaydah, a port city on the Red Sea.
Iran’s Ministry of Foreign Affairs did not immediately respond to a request for comment; Tehran has long denied providing missile capability support to the Houthis; Houthi media officials said the reports were “lies and fabrications.”
FAQ
Which countries does Trump’s new tariff apply to, and what are the specific rates?
According to Trump’s administration announcement, the new tariff rates range from 10% to 12.5%, applying to more than 60 countries and covering more than 99% of U.S. trade totals. The tariffs are imposed on the grounds of forced labor issues and take effect at midnight Eastern Time on Friday (July 25), replacing the previous 10% temporary global tariffs. CNBC reported that the U.S. Trade Representative’s office did not attempt to calculate the revenue from the new tariffs.
What was the market reaction to Bitcoin on July 23-24?
As of the time of publication on July 23, Bitcoin fell to $64,985.16 (-1.37%), and the crypto market saw a notable increase in long liquidations. On July 24, Bitcoin retreated to around $64,900; Trump’s tariff news and below-expected U.S. initial jobless claims data pressured the market at the same time.
What did Reuters report about Iran airlifting IRGC to Yemen?
On July 24, Reuters published an exclusive report stating that, according to four sources, on July 13 Iran transferred 10 to 21 IRGC personnel (including senior commanders) and missile and drone-related equipment to Yemen via a Mahan Air flight, and shipped gold to support the Houthis. The action had never been publicly reported before.
