The crypto market didn’t get a respite from the ongoing rout on Apr. 8. The market crash began on Apr. 2 as President Donald Trump began imposing "reciprocal tariffs" on all countries, his primary target being China.
The total crypto market cap dipped 2.6% within the last 24 hours to $2.5 trillion on Apr. 8. Bitcoin, the largest cryptocurrency, slipped around 10% over a week as it was trading at $76,743.37 at press time, as per Kraken’s price feeds.
Trump’s aggressive posturing and China’s “fight to the end” warning — with supply chain disruptions globally — have the global stock markets panting.
Wall Street CEOs such as BlackRock’s Larry Fink and JPMorgan’s Jamie Dimon have already rung the alarm bell.
Now, another billionaire investor has slammed Trump’s tariff war.
Ken Fisher, the billionaire founder and executive chairman of Fisher Investments, called the president’s decision “stupid, wrong, arrogantly extreme” in an X (formerly Twitter) post on Apr. 7. He called the decision “ignorant trade-wise” and said it is addressing a non-problem with misguided tools.
Fisher added that Trump is trying to reduce or eliminate the U.S. trade deficit. Trump calling trade deficits “a loss” is wrong, the billionaire said.
Fisher warned of a “blood bath” for the Republican Party in the next midterms, if its congress members don’t get Trump to rein in tariffs “pretty quickly.”
There is a growing fissure within the Trump administration following the tariff war.
Trump’s trade advisor Peter Kent Navarro referred to billionaire Elon Musk’s Tesla as a "car assembler," not a manufacturer. Musk, in response, called him a “moron” and added, “Tesla has the most American-made cars” and has “the highest percentage of US content.”
Musk, Trump’s senior advisor, reportedly made appeals to the president to reverse the new tariffs, but to no avail.