Most cryptocurrencies tumbled on Thursday amid aggressive selling pressures that hit most assets in global markets as trade wars erupt. 

US President Donald Trump announced new historic reciprocal tariffs on many countries, that start with a base 10% and rise by many folds depending on the country.

He described the new tariffs as “a declaration of independence” and today as the “liberation day”.

He accused the world of “looting, pillaging, and raping the US for many years” on the economic trade fronts, with barriers being put in front of US companies worldwide. 

Trump said the new tariffs are pivotal to bring back wealth to the United States, and he believes the 1929 Great Depression wouldn’t have happened if tariffs were kept. 

He called NAFTA one of the worst trade deals ever, and said a single Chinese shipping yard produces more than the entire US production of ships.

He imposed 34% additional tariffs on China, 24% on Japan, 20% on the EU, 46% on Vietnam, 26% on India, 32% on Taiwan, 10% on the UK.

Morgan Stanley analysts now expect the Federal Reserve to refrain from any rate cuts this year as inflation is likely to spike following the new total tariffs.

Earlier US data showed unemployment claims fell by 6 thousand to 219 thousand last week, while analysts expected a rise to 227 thousand.

Otherwise, the ISM services PMI fell to 50.8 in March from 53.5 in February, while analysts expected 53.

Ethereum

On trading, ethereum slumped 6.4% as of 20:10 GMT on Coinmarketcap to $1784.8.

Ripple

Ripple slid 4.4% on Coinmarketcap to $2.05.

Commodity currencies rose on Thursday as the US dollar fell against most major rivals as the global trade war erupts following aggressive US tariffs.

Earlier US data showed unemployment claims fell by 6 thousand to 219 thousand last week, while analysts expected a rise to 227 thousand.

Otherwise, the ISM services PMI fell to 50.8 in March from 53.5 in February, while analysts expected 53.

US President Donald Trump announced new historic reciprocal tariffs on many countries, that start with a base 10% and rise by many folds depending on the country.

He described the new tariffs as “a declaration of independence” and today as the “liberation day”.

He accused the world of “looting, pillaging, and raping the US for many years” on the economic trade fronts, with barriers being put in front of US companies worldwide. 

Trump said the new tariffs are pivotal to bring back wealth to the United States, and he believes the 1929 Great Depression wouldn’t have happened if tariffs were kept. 

He called NAFTA one of the worst trade deals ever, and said a single Chinese shipping yard produces more than the entire US production of ships.

He imposed 34% additional tariffs on China, 24% on Japan, 20% on the EU, 46% on Vietnam, 26% on India, 32% on Taiwan, 10% on the UK.

On trading, the dollar index fell 1.7% as of 18:47 GMT to 102.06, with a session-high at 103.3, and a low at 101.2.

Canadian Dollar

The Canadian dollar rose 1.1% against its US counterpart as of 18:59 GMT to 0.71.

Aussie

The Australian dollar rose 0.6% against the US dollar as of 18:59 GMT to 0.6336.

Global oil prices tumbled 6% on Thursday on track for the third loss in a row, with US crude plumbing two-week lows, while Brent hit three-week lows after OPEC+ production hike announcement. 

Prices are also pressured by renewed concerns about global fuel demand following Trump’s tariffs, and following a surprise increase in US crude stocks last week.

Prices

US crude fell 6% today to $66.41 a barrel, the lowest since March 19, with a session-high at $70.69.

Brent fell 5% to $69.82 a barrel, the lowest since March 13, with a session-high at $73.36.

On Wednesday, US crude lost 0.6%, while Brent slipped 1.5% on profit-taking away from six-week highs on risk aversion due to Trump’s aggressive tariffs.

OPEC+

OPEC+ officially announced a production hike by more than expected in May, due to improving market indicators and higher crude demand.

The alliance said it’ll enact a production hike equivalent to three months of scheduled increases, surpassing previous expectations of a cut focused on May alone.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman convened virtually to discuss global market conditions, with the group agreeing on raising output by 411 thousand bpd, sharply above estimates of a 140 thousand bpd hike.

US Tariffs

US President Donald Trump announced new historic reciprocal tariffs on many countries, that start with a base 10% and rise by many folds depending on the country.

He described the new tariffs as “a declaration of independence” and today as the “liberation day”.

Traders fear that the tariffs might tank global growth and hurt demand on fuel and other oil products.

US Stocks

The Energy Information Administration reported a buildup of 6.2 million barrels in US crude stocks last week to 439.8 million barrels, while analysts expected a drop of 0.7 million barrels. 

Gasoline stocks fell by 1.6 million barrels to 237.6 million barrels, as distillate stocks rose by 0.3 million barrels to 114.6 million barrels. 

US stock indices tumbled on Thursday amid aggressive selling pressures and correctional moves after President Donald Trump’s reciprocal tariffs. 

Earlier US data showed unemployment claims fell by 6 thousand to 219 thousand last week, while analysts expected a rise to 227 thousand.

US President Donald Trump announced new historic reciprocal tariffs on many countries, that start with a base 10% and rise by many folds depending on the country.

He described the new tariffs as “a declaration of independence” and today as the “liberation day”.

He accused the world of “looting, pillaging, and raping the US for many years” on the economic trade fronts, with barriers being put in front of US companies worldwide. 

Trump said the new tariffs are pivotal to bring back wealth to the United States, and he believes the 1929 Great Depression wouldn’t have happened if tariffs were kept. 

He called NAFTA one of the worst trade deals ever, and said a single Chinese shipping yard produces more than the entire US production of ships.

He imposed 34% additional tariffs on China, 24% on Japan, 20% on the EU, 46% on Vietnam, 26% on India, 32% on Taiwan, 10% on the UK.

On trading, Dow Jones fell 3.6% as of 14:31 GMT, or 1515 points to 40,710 points, while S&P 500 fell 3.9%, or 222 points to 5448 points, as NASDAQ gave up 5.3%, or 928 points to 16675 points.