The U.S. Customs tariff system failed and the State Department imposed a 125% tariff on the U.S.

Headline

▌U.S. Customs: Tariff declaration system out of order

U.S. Customs reported that the system used to exempt freight tariffs had failed. The affected freight includes all trade goods from countries that are now within the 90-day tariff suspension period implemented by the Trump administration. U.S. Customs said it found that the entry code used by U.S. shippers to apply for duty-free goods was not available and that "this issue is under review." For now, this means that the U.S. government cannot collect tariffs for the time being. U.S. Customs said it will release an update after the problem is resolved. Dewardric McNeal, senior policy analyst at consulting firm Longview Global, said that failures do happen, but the timing is unfortunate, which will raise more questions about the ability of U.S. Customs to keep up with the pace of tariff adjustments.

▌State Council Tariff Commission: 125% tariff on all U.S. imports

On April 10, 2025, the U.S. government announced that the rate of "reciprocal tariffs" imposed on Chinese goods exported to the United States would be further increased to 125%. The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercive practice. In accordance with the Tariff Law of the People's Republic of China, the Customs Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China and other laws and regulations and basic principles of international law, with the approval of the State Council, from April 12, 2025, the tariff measures on imported goods originating from the United States will be adjusted. The relevant matters are as follows: 1. Adjust the tariff rate stipulated in the "Announcement of the State Council Tariff Commission on Adjusting the Tariff Measures on Imported Goods Originating from the United States" (Tax Commission Announcement No. 5 of 2025) from 84% to 125%. Given that at the current tariff level, there is no market acceptance for US exports to China. If the US continues to impose tariffs on Chinese exports to the United States, China will ignore it. 2. Other matters shall be implemented in accordance with the "Announcement of the State Council Tariff Commission on Imposing Tariffs on Imported Goods Originating from the United States" (Tax Commission Announcement No. 4 of 2025).

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $83,167.25, with a daily increase or decrease of +4.3%;

ETH's latest transaction price is $1,558.59, with a daily increase or decrease of +1.6%;

BNB's latest transaction price is $585.79, with a daily increase or decrease of +1.3%;

SOL's latest transaction price is $121.03, with a daily increase or decrease of +7.0%；

DOGE's latest transaction price is 0.1587 US dollars, and its intraday increase or decrease is +2.3%；

XPR's latest transaction price is 2.02 US dollars, and its intraday increase or decrease is +1.7%。

Policy

▌The UK Financial Conduct Authority reappointed Nikhil Rathi as CEO

According to CoinDesk, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), has been reappointed. Rathi is the first FCA CEO to be granted another five-year term by the Ministry of Finance, and he will have more time to implement his plans for the financial sector, including the cryptocurrency sector. Under his leadership, the FCA has registered 51 cryptocurrency companies under anti-money laundering rules. Some of these companies include cryptocurrency and investment companies Coinbase, Revolut, eToro, and the largest asset management company BlackRock, which recently joined. The FCA is seeking to establish a new cryptocurrency regulatory regime by 2026 and launch a new authorization process. The agency intends to publish documents on stablecoins, trading platforms, pledges, prudent cryptocurrency exposure and lending early next year.

Blockchain Applications

▌Binance Contracts to Launch XCNUSDT USDT Perpetual Contracts

According to the official announcement, the Binance Contract platform will launch perpetual contracts at the following time: April 11, 2025 23:30 (Eastern Time): XCNUSDT Perpetual Contracts, with a maximum leverage of 25 times.

Cryptocurrency

▌BlackRock reports $3 billion in digital asset inflows in the first quarter

According to Cointelegraph, BlackRock, the world's largest asset management company, reported a total net inflow of $84 billion in the first quarter of 2025, an annualized increase of 3%. According to its financial report released on April 11, the strong performance was mainly due to the record performance of iShares ETFs and the continued strong net inflows in the private market. BlackRock said that of the $107 billion in net inflows of iShares ETFs, $3 billion (2.8%) flowed into digital asset products in the first quarter. As of March 31, 2025, digital assets brought BlackRock $34 million in basic fees, less than 1% of its long-term revenue; at the end of the first quarter, it managed a total of $50.3 billion in digital assets, accounting for about 0.5% of total assets under management. Although the proportion is not high, BlackRock's $3 billion in net inflow of digital assets is still worth noting given the widespread liquidation of the Bitcoin ETF market earlier this year. Data shows that investors have a stable interest in cryptocurrency-backed ETFs.

▌Curve founder: once again extended the lock-up period of veCRV held to 4 years

Curve founder Michael Egorov said on X that the lock-up period of veCRV held has been extended to 4 years again, and the specific transaction records of the extended lock-up have been made public.

▌Deputy Attorney General of the United States: Priority will be given to combating illegal activities using cryptocurrencies

Deputy Attorney General of the United States Lisa Monaco recently emphasized that priority will be given to combating illegal activities using cryptocurrencies, especially the use of privacy protection tools. In contrast, New York Attorney General Letitia James advocates stricter cryptocurrency regulation. Monaco believes that the existing legal tools of the Department of Justice are sufficient to deal with related issues and no additional legislation is needed. This stance contrasts with the approach of some state officials to push for stricter regulations, highlighting the federal-state divide over cryptocurrency regulation.

According to Cointelegraph, Lomond School in Scotland will accept Bitcoin for tuition payments starting in the fall semester of 2025, a first in the UK. The school currently has no plans to accept other cryptocurrencies, or to immediately convert Bitcoin into fiat currency. In the future, the school may establish a Bitcoin vault, but it will need to listen to the community.

Important Economic Dynamics

▌Fed Kashkari: Investors are withdrawing from the United States

Fed Kashkari said on Friday that recent market trends show that investors are leaving the United States, the safest place to invest, as Trump's trade war escalates. He said that in recent days, as U.S. Treasury yields have risen and the dollar has depreciated against global currencies, the trend is the opposite of what you usually see. "Typically, when you see a significant increase in tariffs, I would expect the dollar to appreciate. I think the fact that the dollar is falling at the same time lends credence to the argument that investor preferences are shifting," Kashkari said. He also said: "Investors around the world see the United States as the best place to invest, and if that's the case, we're going to have a trade deficit. So one way that's manifesting now is lower yields on all kinds of assets in the United States." "If the trade deficit falls, investors might say, well, the United States is no longer the most attractive place in the world to invest, and then you'll see bond yields rise." However, Kashkari pointed out that what he saw was "stress" in market operations, not serious dislocations.

▌The three major U.S. stock indexes closed up collectively

The three major U.S. stock indexes closed up collectively, with the Nasdaq up 2.06%, the S&P 500 up 1.81%, and the Dow up 1.56%. The S&P 500 rose 5.7% this week, the largest weekly gain since November 2023, the Nasdaq up 7.29% this week, and the Dow up 4.95% this week. Most large technology stocks rose, with Apple up more than 4%, Nvidia up more than 3%, Google and Amazon up more than 2%. Most chip stocks rose, with Broadcom and AMD up more than 5%, and TSMC up nearly 4%.

Golden Encyclopedia

▌What is an address poisoning attack in cryptocurrency?

Address poisoning attacks are malicious means used by attackers to reroute traffic, interrupt services, or access sensitive data without authorization by inserting false data or changing routing tables. These attacks exploit defects in network protocols and seriously threaten data integrity and network security.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.