Trump advocates for imposing custom duties on cryptocurrencies mined in Europe
In a recent development, the US President, Donald Trump, has announced a new measure aimed at making the USA the "Crypto Capital of the World." This move involves the introduction of tariffs on Bitcoins traded in the EU. The proposed tariffs could potentially reach up to 20 percent.
Trump's "Crypto Czar," Jeffrey Sachs, has presented a report calculating the introduction of these tariffs. The person appointed as White House AI and crypto czar in December 2024 is David O. Sacks. The tariffs are intended to make European Bitcoins unattractive on US exchanges, thereby strengthening the domestic mining industry.
However, the EU remains optimistic that the measure will be ineffective. The press office of Commission President Ursula von der Leyen has stated that Trump does not understand Europe, and that Bitcoin mining has no significant impact on the European economy due to high electricity prices. Finance Minister Howard Lutnick has praised the proposal, stating that while tariffs may initially hurt the economy and make things more expensive, they are still good.
Despite the EU's scepticism, the US forges ahead with its plan. The US government believes that these tariffs will boost the domestic cryptocurrency industry, making the USA the global leader in this rapidly evolving field. As the world watches, the impact of these tariffs on both the US and EU economies remains to be seen.
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