The crypto market spiraled on Friday after President Donald Trump announced new tariffs on China , losing the president millions within his crypto portfolio.

Trump announced a new 100% tariff on Chinese imports, which will take effect next month after the country targeted rare earth minerals. He called the earth mineral restrictions “unprecedented” and a “moral disgrace.”

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After the announcement, Bitcoin fell nearly 8% with the global crypto market cap down about 10%.

The stock market followed with the S&P 500 dipping 2.7%. Most large stocks saw red on Friday, like N

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