Truth Social

Truth

Last night was an intense moment for everyone around the world.&nbsp;
The tensions in the Middle East had reached a critical point where one wrong move would have led to terrible consequences.&nbsp;
United States ​President Donald Trump&nbsp;‌had set 8 PM ET on April 7 as a deadline for Iran to open up the <a href="https://www.thestreet.com/crypto/markets/iran-sets-strict-terms-for-ships-crossing-hormuz-after-ceasefire" rel="noopener noreferrer nofollow">Strait of Hormuz</a>, which has been crowded with tankers waiting to pass ever since the war began in late February.
The narrow water passageway accounts for roughly 20% of the global oil supply, and its chokehold was bumping up the oil prices to new highs.
However, Trump's new warning in the morning hours of the day of the deadline escalated the tensions.&nbsp;
In a post on Truth Social, the President said in a rather ominous tone that a&nbsp;"whole civilization will die tonight, never to be brought back again."&nbsp;
But thankfully, the dust settled and a <a href="https://www.thestreet.com/crypto/markets/trump-suspends-iran-8pm-strikes-for-two-week-ceasefire" rel="noopener noreferrer nofollow">"double-sided ceasefire"</a> was announced barely two hours before reaching the deadline. The warring countries now have two weeks to negotiate on the terms of a peace plan.
<a href="https://www.thestreet.com/crypto/markets/investors-shrug-off-trumps-iran-warning-as-taco-economist-says" rel="noopener noreferrer nofollow">Related: Investors shrug off Trump's Iran warning as 'TACO', economist says</a>
<h2 id="but-there-is-more-to-the-ceasefire">But there is more to the ceasefire</h2>
On April 8, Trump added a new condition, not for Iran but its allies. ​
He <a href="https://truthsocial.com/@realDonaldTrump/posts/116368854361048135" rel="noopener noreferrer nofollow">wrote </a>on Truth Social in the morning hours,
<blockquote>
 "A Country supplying Military Weapons to Iran will be immediately tariffed, on any and all goods sold to the United States of America, 50%, effective immediately. There will be no exclusions or exemptions! President DJT"
</blockquote>
Although there are no confirmed sources on who is supplying weapons to Iran, historically, the country has had diplomatic relations with Russia, China, Syria,&nbsp;Hezbollah in Lebanon, the Houthis in Yemen, and various militias in Iraq, such as the Popular Mobilization Forces.&nbsp;
After the announcement of the ceasefire,&nbsp;Kremlin spokesman ​Dmitry Peskov <a href="https://www.reuters.com/world/europe/russia-says-it-welcomes-iran-ceasefire-hopes-us-will-now-resume-ukraine-talks-2026-04-08/" rel="noopener noreferrer nofollow">told</a> reporters that they "welcome the ⁠decision not to proceed further down the path ​of armed escalation."
Although Russia and China have more or less avoided commenting on the war, there have been <a href="https://www.nytimes.com/2026/04/08/world/asia/china-iran-cease-fire.html" rel="noopener noreferrer nofollow">reports </a>that Beijing was involved in making the ceasefire happen.&nbsp;
Chinese officials have not publicly commented on the country’s involvement, while a foreign ministry spokeswoman told the New York Times that it neither confirms nor denies its involvement.&nbsp;
She added that China would continue to “maintain communication with all parties and continue to work toward de-escalating tensions and bringing about a comprehensive cease-fire.”
Meanwhile, Russia and China earlier vetoed a United Nations Security Council proposal that was aimed at opening the Strait of Hormuz.&nbsp;
Chinese ministry spokesperson Mao Ning <a href="https://www.fmprc.gov.cn/mfa_eng/xw/fyrbt/202604/t20260408_11888565.html" rel="noopener noreferrer nofollow">said</a> during a press conference,
<blockquote>
 "The Security Council’s actions should be aimed at deescalating the situation. They must not provide the legal veneer for unauthorized military operations. The Council’s actions must not grant a license to the use of force, let alone add fuel to the fire, thereby leading to an escalation of the conflict. China’s position on the vote is objective and impartial, and will stand the test of history."
</blockquote>
<h3 id="more-news">More News:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/microstrategys-bitcoin-bet-comes-with-14-4b-unrealized-losses" rel="noopener noreferrer nofollow">Billionaire Michael Saylor's Strategy reports $14.5B unrealized loss</a></li>
 <li><a href="https://www.thestreet.com/crypto/fed/wells-fargo-revises-its-forecast-for-fed-rate-cuts" rel="noopener noreferrer nofollow">Analyst revisits forecast for Fed rate cuts in 2026</a></li>
 <li><a href="https://www.thestreet.com/crypto/policy/us-state-pushes-for-crypto-tax-exemption" rel="noopener noreferrer nofollow">U.S. state pushes for crypto tax exemption</a></li>
</ul>
<h2 id="iran-s-crypto-play-for-weapons">Iran's crypto play for weapons</h2>
Back in January, the Financial Times (FT) <a href="https://www.thestreet.com/crypto/policy/us-sanctioned-country-explores-crypto-payments-for-war-weapons" rel="noopener noreferrer nofollow">reported </a>that Iran’s Ministry of Defence Export Center&nbsp;was preparing to negotiate contracts that would allow payment in “digital currencies,” along with barter arrangements and Iranian rials.
This was aimed at reducing exposure to the dollar-based system where sanctions are enforced, amid heightened scrutiny over Tehran’s weapons programs and regional activity.
Crypto cross-border movement without relying on traditional correspondent banking rails does create a loophole for the sanctions, although crypto-to-fiat offramps can still be targeted.
U.S. officials have often <a href="https://home.treasury.gov/news/press-releases/sb0248" rel="noopener noreferrer nofollow">warned </a>that sanctioned networks use “overseas front companies and cryptocurrency” to avoid restrictions and move funds for Iran’s military and government interests.
<a href="https://www.thestreet.com/crypto/bitcoin/crypto-sanctions-a-challenge-for-banks" rel="noopener noreferrer nofollow">Related: Iran, Cuba and Belarus Embrace Bitcoin. What Should Banks Do About Sanctions?</a>
<h2 id="not-the-first-time-for-tariff-threats">Not the first time for tariff threats</h2>
This is also not the first time Trump has given tariff threats.
During the Greenland crisis, Trump threatened to impose tariffs on the European allies if they did not allow the U.S. to occupy Greenland.
But tariff threats also cause large market swings. 
In October 2025, Trump's threat to impose a 100% tariff on Chinese imports caused a massive downward pull for the market.&nbsp;
In terms of crypto, the market saw over $19 billion getting liquidated in barely a couple of hours after the threat was made on Truth Social.
Cryptocurrencies have not been able to recover the losses or regain their all-time highs even after six months.
However, this time, the threat of a tariff did not have any major impact on crypto amid the news of the ceasefire.
At press time, as per CoinGecko, Bitcoin was trading at&nbsp;$71,477.45, having jumped&nbsp;5.3% in the past 24 hours. Ethereum was up 7.9% and trading at&nbsp;$2,228.96. XRP had climbed up by 5.5% and was trading at&nbsp;$1.37. Solana, meanwhile, was up by 6.7% and was trading at&nbsp;$83.72.&nbsp;
<a href="https://www.thestreet.com/crypto/markets/bitcoin-xrp-surge-on-trumps-iran-u-turn" rel="noopener noreferrer nofollow">Related: Bitcoin, XRP surge on Trump's Iran U-turn</a>

Trump announces massive tariffs on weapon suppliers to Iran

Table of Contents

TheStreet Roundtable

Other articles published on Apr 8, 2026

Join our free newsletter for daily crypto updates!