Bitcoin price today falls below $86k.
Bitcoin fell on Friday amid a broader risk-off mood as global trade tensions escalated ahead of U.S. reciprocal tariffs, while investors cautiously awaited a crucial inflation report due later the day for clues on the Federal Reserve’s interest rate trajectory.
The world’s largest cryptocurrency declined 1.6% to $85,910.50 by 01:23 ET (05:23 GMT).
Trump auto tariffs escalate trade war; Bitcoin falls amid broader sell-off
President Donald Trump on Wednesday announced the imposition of a 25% tariff on all foreign-made cars and auto parts, effective April 2.
In response, Canadian Prime Minister Mark Carney declared that the longstanding trade relationship with the U.S. is “over,” advocating for a comprehensive renegotiation of trade agreements between the two nations.
Trump also has plans to enforce separate global reciprocal tariffs on April 2, aiming at nations with major trade imbalances with the U.S.
These developments have heightened investor concerns about an all-out global trade war, leading to a broader risk-off sentiment in financial markets.
Gold soars to record high.
Gold prices hit a record high in Asian trade on Friday, extending recent gains amid heightened safe haven demand after U.S. President Donald Trump imposed steep tariffs on the automobile sector.
Investors were also bracing for a potentially hotter PCE price index reading later in the day. The print is the Federal Reserve’s preferred inflation gauge and is expected to factor into expectations for future interest rate cuts.
Gold was sitting on bumper gains through March, having benefited from deteriorating risk appetite as markets fretted over Trump’s tariffs and the threat of a U.S. recession. Geopolitical tensions between Russia and Ukraine, as well as a breakdown in the Israel-Hamas ceasefire fuelled haven demand.
Spot gold traded up 0.6% at $3,073.79 an ounce by 00:47 ET (04:47 GMT), after hitting a record high of $3,077.67/oz earlier in the day. Gold futures expiring in May jumped 0.7% to $3,112.72/oz after hitting a peak of $3,117.50/oz.
India offers US tariff cuts on farm imports.
India has offered tariff cuts on imports of U.S. farm products like almonds and cranberries as a further concession to the United States, two government sources said, hoping to avert President Donald Trump’s reciprocal tariffs set for next week.
Unlike China, Canada and the European Union, India is actively seeking to appease the Trump administration and is open to cutting tariffs on over half of U.S. imports worth $23 billion, Reuters reported earlier this week.
In a series of meeting in New Delhi with Brendan Lynch, the assistant U.S. trade representative for South and Central Asia, India agreed to cut tariffs on bourbon whiskey and agricultural products such as almonds, walnuts, cranberries, pistachios and lentils, one of the sources familiar with discussions, said.
The talks to fast-track negotiations is likely to conclude late Friday.
Trade talks are “progressing well” and the bilateral trade pact, still in progress, will benefit both nations, Indian Trade Minister Piyush Goyal said on Thursday.
“Securing a favourable deal is a priority for Indian negotiators,” a second government source said, adding that India has aligned its offers with U.S. priorities, particularly in the agriculture industry and some other sectors.
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