- Trump said the country will boom after his tariff move sent stocks into sharp decline
- Crypto stayed strong with Bitcoin dominance rising and stablecoins leading activity
- Cramer called the tariff rollout weak and said it hit markets hard with no clear plan
The global economy felt fresh tremors after President Donald Trump unveiled sweeping import tariffs, triggering Wall Street’s sharpest slump since the pandemic. While markets reeled from the policy shock, Trump remained defiant. “I think it’s going very well,” he said, departing the White House for Florida. “The markets are going to boom, the stock is going to boom, the country is going to boom.”
Crypto Market Resilient as Trading Volume Dips Sharply
Despite growing financial tension, the global cryptocurrency market displayed moderate resilience. As of April 4, CoinMarketCap reported a total crypto market capitalization of $2.69 trillion, reflecting a 0.69% daily increase. However, trading activity dropped significantly, with a 30.15% plunge in 24-hour volume to $91.07 billion. Bitcoin remained the leading cryptocurrency at 62.14% with a slight increase of 0.07%.
As for stablecoins, an even more stupendous share of 95.37% of total crypto trading by volume was reflected as $86.85 billion. The decentralized finance (DeFi) sector reported a $5.92 billion volume contribution, which constituted 6.50% of the total volume traded in the last 24 hours. Cryptocurrency remained defiant when stock markets plunged. The Dow Jones Industrial Average fell 1,600 points, its greatest one-day fall since the pandemic.
Tariff Policy Draws Fierce Response as Trump Calls It “Liberation Day”
The new tariffs put a minimum levy of 10% on imports, whereas high rates are levied on certain nations like China and members of the European Union. This aggressive measure saw widespread backlash from analysts and participants in the market, who reacted immediately to the downturn. However, the fallout was immediate and severe. CNBC’s Jim Cramer, a critic of free trade, voiced his dismay. “I feel like a sucker,” he said during an interview with CNN’s Erin Burnett.
Related: Trump’s Tax Cuts and Tariffs: What’s Next for the Economy?
Cramer Slams Execution
Cramer had earlier supported reciprocal tariff strategies in principle, yet he rejected the administration’s execution as flawed. “I was hoping it was a coordinated thing,” he said. “Instead of a car where we’re only making you pay 2-1/2 and you’re not letting us in, we try to get things better.”
Further, Cramer stated that the move was bush league and warned that the shock lacked any constructive follow-up for American markets. Consequently, the fallout from Trump’s “Liberation Day” tariffs set off not just market losses, but also a wider debate. As the global financial order adjusts, one question remains: Will Trump’s bullish forecast prove right, or has he lit the fuse for prolonged market unrest?
