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Bitcoin

Crypto wallet maker Trezor says it’s already adapting to Trump tariffs

By admin
0 23

Crypto wallet maker Trezor says it’s already adapting to Trump tariffs

Trezor, one of the largest manufacturers of physical crypto wallets, says the future “remains uncertain” and that it is “adapting supply chains” in the wake of Donald Trump’s introduction of sweeping and hard-hitting tariffs.

These include a baseline 10% tariff, due to come into force on April 5, which will affect all countries on the US’s tariff list, and higher tariffs that will begin on April 9 and impact roughly 60 countries the US calls the “worst offenders.”

A Trezor spokesperson told Protos, “We are already adapting our supply chains to minimize the potential impact of these tariffs and to ensure the stability and availability of our products for users around the world.”

The 34% and 20% tariffs against China and the European Union, respectively, “may affect the cost of imported components used in the manufacturing of hardware wallets,” Trezor claims.

The firm, based in the Czech Republic, said it’s “closely monitoring the situation and adjusting our strategies to address any challenges that may arise from changes in international trade policy.”

Trezor claims the situation, in the short term, “remains uncertain.” However, it also noted that these tariffs may catalyze tech companies to strengthen supply chains and “reduce dependence on specific regions.”

Crypto mining companies are also struggling as much of their supply chain is based in Asia. The head of hardware at the bitcoin (BTC) mining software firm Luxor Technology told Bloomberg she was scrambling to get 5,600 mining machines on a plane from Thailand to the US before the tariffs kick in.

The CEO of mining firm Synteq Digital claimed Trump’s tariffs will “suppress continued growth in the sector.” Stocks across the world slumped after Trump announced the tariffs today. Both BTC and Trump’s memecoin fell in price by 4.9% and 13.9%, respectively, over the past 24 hours.

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