Vietnam struck a deal with the U.S. to lower the Southeast Asian country’s tariffs on exported goods from 46% to 20%, according to a Truth Social post by U.S. President Donald Trump on Wednesday morning. Bitcoin rallied on the news, climbing 3.09% and stocks followed suit, with the Nasdaq and S&P 500 both up 0.82%, 0.32% respectively while the Dow dipped slightly by 0.05%, at the time of writing.
Trump’s announcement comes on the heels of a surprisingly negative employment report on the same day by human resources firm ADP, which shows that the private sector lost 33,000 jobs in June. Dow Jones economists had projected a 100,000 increase in private sector employment, according to CNBC.
(ADP says the U.S. lost 33,000 private sector jobs. From 134,480,000 in May to 134,447,000 in June / ADP)
“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” said ADP Chief Economist Nela Richardson. “Still, the slowdown in hiring has yet to disrupt pay growth.”
The U.S. Bureau of Labor Statistics will release its more credible jobs data on Thursday, which some experts predict will show a 100,000 job increase, albeit with an upward bump in the unemployment rate to 4.3%.
Interestingly, Trump says the Vietnam deal will remove all import taxes on American goods entering Vietnam. He also singled out Vietnamese exports that undergo multiple transfers before reaching the U.S., a practice called transshipping, and said such items will face a 40% tariff.
“It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam,” the president wrote. “Dealing with General Secretary To Lam, which I did personally, was an absolute pleasure.”
Bitcoin’s price bounced around between $105,157.40 and $109,524.43 in the last 24 hours and was trading at $109,514.89 at the time of reporting, up 3.09% according to Coinmarketcap. The cryptocurrency is also up by 1.9% over seven days.
( BTC price / Trading View)
Trading volume rose 4.66% to $46.57 billion and BTC’s market capitalization climbed 2.69% to $2.16 trillion. The wider crypto sector was also up 2.2% and bitcoin dominance continued with its gradual momentum, inching up 0.09% to 65.53%.
( BTC dominance / Trading View)
The value of open futures contracts jumped 7.02% to $74.59 billion, indicating a spike in interest from derivatives speculators. Coinglass data shows that liquidations also increased to $89.15 million over the past 24 hours. Bearish short traders were the primary casualties of that figure, losing $66.46 million, while long liquidations totaled a smaller $22.70 million.
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