Trump Reiterates Stance on Tariffs on China, Europe and Other Countries
In a post on his social media account, Trump criticized the US’ huge trade deficits with China, the European Union and other countries, arguing that tariffs are the only way to fix the situation. Stating that the current tariffs generate tens of billions of dollars in revenue for the US, Trump reiterated that this policy is a “very good thing” for the country. He also criticized the Biden administration for causing the trade deficit to widen.
US Commerce Secretary Lutnick: Tariffs Will Take Effect on April 9, No Delay
US Secretary of Commerce Lutnick announced that the tariffs will not be delayed and will go into effect as of April 9. Treasury Secretary Bessant argued that there was no reason to believe that these tariffs would cause an economic recession. He evaluated the stock market decline as a “short-term reaction”.
US Federal Agencies to Report Crypto Assets to Treasury Secretary
The White House announced that all federal agencies must report their crypto assets to Treasury Secretary Scott Bessant by April 7. However, it was stated that the results of this audit are not mandatory to be made public. There was no clear information on the content of the report or the timing of its release.
Nasdaq Futures Down 5.5%, S&P 500 Futures Down 4.7
At market open on Monday, Nasdaq futures were down more than 5.5% and S&P 500 futures were down more than 4.7%. Dow futures fell by 4%, crude oil by 4% and spot silver by more than 2%. The yen gained more than 1% on safe-haven demand.
Goldman Sachs: Fed May Cut Rate by 200 Basis Points in Case of Recession
Goldman Sachs predicted that the Fed may cut rates more aggressively in case of a recession. The bank said the rate cut cycle could start in June. If the scenario materializes, a total of 75 basis points is expected to be cut in three meetings.
Bitcoin Spot ETFs Saw $173 Million in Net Outflows Last Week
According to SoSoValue data, there was a net outflow of $173 million from Bitcoin spot ETFs last week. The largest outflow was from Grayscale GBTC with $95.48 million, while BTCW lost $44.53 million. In contrast, Grayscale Mini Bitcoin Trust BTC stood out with a net inflow of $34.28 million.
Ethereum Spot ETF Records Net Outflows for the Sixth Week
Ethereum spot ETFs experienced net outflows totaling $49.93 million in the week from March 31 to April 4. Grayscale ETHE saw outflows of $31.08 million and BlackRock ETHA $20.17 million, while only Fidelity FETH recorded inflows of $6.42 million. Total ETF net asset value reached $6.16 billion.
by Darkex Research – 1 min read
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