Analysis: Trump's tariff plan upsets the market, bitcoin plummets due to risk appetite

Bitcoin prices fell as fears of impending US tariffs reduced investors' appetite for risky assets. Earlier this week, President Trump announced new tariffs of 25 per cent on cars and auto parts, which are set to take effect on April 2. He also plans to impose reciprocal tariffs on US trading partners on the same day. "The implementation of these tariffs has heightened fears of a global trade war," Naeem Aslam, an analyst at Zaye Capital Markets, said in a note. He also said the possibility of retaliatory tariffs from affected countries had increased uncertainty and prompted investors to reassess risk exposure.