Trump's Liberation Day for tariffs is here, and it's not looking good for markets.

It's Thursday, April 3rd, 2025. I'm Christine Lee. This is CoinDest Daily.

Bitcoin plunged about 6.5% after U.S. President Donald Trump announced a 25% levy on all foreign-made cars that goes into effect today.

A minimum of 10% import tariffs on U.S. training partners starts April 5th and higher.

Country-specific tariffs kick in on April 9th for about 60 countries.

President Donald Trump introduced the tariffs based on perceived trade imbalances and non-tariff

barriers, saying the goal is to encourage reshoring of production, generate revenue to help fund

tax cuts and level the playing field for U.S. manufacturers. Among the most affected countries

is China, which faces a new 34% tariff on top of existing levies, bringing its total to 54%. Many other Asian economies

have also been hit hard while the European Union faces a 20% tariff. There's been growing interest

in how the U.S. determine the tariff rates, which the administration called reciprocal. One user on

X claims to have cracked the formula take a country's trade deficit with the U.S.

and divide it by that country's exports to the U.S.

Reaction range from Treasury Secretary Scott Besson saying as much, nothing to crack to.

There's no way this can be what they use.

There must be some alternative explanation that happens to a line.

I can't figure out exactly what it is yet,

but it cannot be this dumb. Trump's tariffs have increased concerns the U.S. will enter an economic

downturn as they will ultimately trigger inflation and global trade tensions.

Prediction markets, Pauley Market and Kalshi are showing a roughly 50% probability of a recession,

but some experts say the economic impact will be a slowdown rather than a recession with potential for federal reserve rate cuts.

Global stocks are under pressure, with Vietnam leading losses in Asia, falling 5.5% in its worst single-day drop

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