US Commerce official buys Bitcoin as Trump tariffs shake markets
As US President Donald Trump’s tariffs create an unpredictable trade environment, members of his administration, including US Secretary of Commerce Howard Lutnick, have begun investing in Bitcoin and related sectors. Following a recent tariff delay announcement on China, the Commerce Department is set to introduce new aluminum tariffs on various products. This uncertainty has raised concerns among trade groups, with claims of disrupted operations and delayed growth. Lutnick's firm, Cantor Fitzgerald, recently invested in a Fidelity Bitcoin Fund along with stocks in major companies like AMD, Tesla, and Alibaba. Despite provisions to avoid conflicts of interest, Lutnick received a waiver to engage in matters that affect his firm. Other officials, including crypto adviser David Sacks, also navigate similar conflicts, having obtained waivers after significant divestments. The economic impact of the tariffs, projected to increase consumer prices and halt development in crucial manufacturing areas, has led to increasing costs across supply chains, affecting both businesses and consumers.
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