this post was submitted on 03 Apr 2025
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Summary

Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.

The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.

Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.

Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.

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[–] Sludgehammer@lemmy.world 76 points 2 days ago (2 children)

and the price of bitcoin dropped 4.4%.

I cannot express how much I hate that this appears in a serious economic article.

[–] 13igTyme@lemmy.world 35 points 2 days ago (2 children)

You don't like hearing about made up currency with no backing that's primarily used for pump and dump schemes and money laundering?

[–] Breezy@lemmy.world 4 points 2 days ago (2 children)

But arent all fiat currencies made up since there's no gold standard backing them.

[–] Skiluros@sh.itjust.works 13 points 2 days ago

No, they are backed by the economies of the issuing countries.

Gold standard is not viable in a modern economy.

[–] ByteJunk@lemmy.world 5 points 2 days ago (2 children)

If I can't pay my taxes with it, it isn't a real currency.

[–] gnutrino@programming.dev 5 points 2 days ago (1 children)

By that logic you don't think foreign currencies are real?

[–] ByteJunk@lemmy.world 2 points 1 day ago

Sure they are, as long as foreign nationals pay their own taxes with them.

[–] x00z@lemmy.world 4 points 2 days ago (1 children)

I pay my taxes with Euros so I guess Mericuhn Dollers are not a real currency

[–] ByteJunk@lemmy.world 3 points 2 days ago

Depends. Do Mericuhns pay their taxes in Dollers?

[–] Comtief@lemm.ee 0 points 1 day ago

Bitcoin is primarily used for pump and dump schemes? You mean like the middle step trade between scam crypto and real money?

[–] CircaV@lemmy.ca 3 points 2 days ago

The price of speculative speculation dropped