GameStop (GME) Surges as Traders Bet U.S. President Donald Trump Could Be Pulling Back from His Threat of Global Trade Tariffs

Bitcoin has surged over the last week as traders bet U.S. president Donald Trump could be pulling back from his threat of global trade tariffs (though fears are swirling over a new, mystery threat).

U.S. president Donald Trump hosted bitcoin and crypto company executives, including Strategy's Michael Saylor, at a White House bitcoin and crypto summit earlier this month.

During the meeting, Trump reportedly threatened to shut down the entire U.S. financial system if necessary to stop the bipartisan bill, which would create the first comprehensive national cryptocurrency regulatory framework.

The president’s comments came as part of his ongoing complaints about the Federal Reserve and his administration's handling of the economy, threats to impose global trade tariffs, and a new, mystery threat that has traders and economists baffled.

The president's threats to the bipartisan bill drew criticism from Democratic and Republican lawmakers, who banded together to pass the measure and send it to Biden's desk earlier this year.

The bill, which passed the House and Senate with overwhelming bipartisan majorities, would give the administration broad authority to regulate cryptocurrencies and cooperate with foreign governments to monitor cross-border transactions.

It would also require the administration to create a framework for a digital dollar, which the administration has said it is already working on.

Trump's administration has taken a mixed approach to cryptocurrency.

The president has expressed interest in bitcoin and other cryptocurrencies, and he has met with major crypto executives.

But his administration has also raised concerns about the potential for cryptocurrencies to be used for illegal activity.

Earlier this year, Treasury secretary Janet Yellen said that Biden would "veto the bill if it reaches his desk."

Yellen, a Democrat, has clashed repeatedly with Trump over economic policy.

The president has repeatedly berated Yellen and other administration officials for what he sees as their failure to keep inflation low and the stock market high.

Trump fired Federal Reserve chair Jay Powell earlier this year after blaming him for the rise in interest rates, which Trump claims are stifling economic growth.

The president's threats to shut down the U.S. financial system and impose global trade tariffs have rattled markets and sparked fears of a global trade war.

His administration has pulled out of several international agreements and imposed tariffs on goods from China, Mexico, Canada, and the European Union.

The president has also threatened to close the border with Mexico and to default on U.S. debt obligations.

His administration has threatened to seize foreign assets and to impose sanctions on foreign leaders.

The president's threats have come as he faces impeachment in the House of Representatives and a possible trial in the Senate.

He is accused of pressuring Ukraine to investigate Democratic presidential candidate Joe Biden and of obstructing the impeachment inquiry.

Trump has denied any wrongdoing and accused Democrats of a "hoax" to overturn the 2020 election.

The president's approval ratings have remained low throughout his presidency, and he is trailing Biden in early polls of the 2020 election.

Trump has repeatedly boasted about the strength of the U.S. economy and his own handling of the presidency, but economists and political scientists say that his policies have damaged the economy and divided the country.

"The president's threats and actions are destabilizing the global economy and threatening to plunge the world into chaos," said Mark Zandi, chief economist at Moody's Analytics.

"His policies are unravelling the fabric of American democracy and society."

Trump's threats have also drawn criticism from members of his own party, who say that they are interfering with Congress's constitutional role in making laws.

"The president's actions are a clear abuse of power," said Republican senator Pat Toomey of Pennsylvania, who co-authored the bipartisan cryptocurrency bill.

"He is threatening to shut down the entire U.S. financial system and to default on our debt in order to get his way on a single bill."

Biden, who is running for president as a Democrat, has said that he would veto the cryptocurrency bill and that he is focused on creating a digital dollar.

"I'm not interested in creating a cryptocurrency or a stablecoin. I'm interested in creating a digital dollar that will be used by all Americans," Biden said earlier this year.

"We need a currency that is inclusive, accessible, and interoperable."

The cryptocurrency bill, which is known as the "Digital Currency Innovation and Protection Act," would give the administration broad authority to regulate cryptocurrencies and cooperate with foreign governments to monitor cross-border transactions.

It would also require the administration to create a framework for a digital dollar, which the administration has said it is already working on.

The bill passed the House in September with a vote of 383 to 22 and the Senate in December with a vote of 72 to 17.

It was then sent to Biden's desk, where it is awaiting his signature or veto.

The bill's supporters say that it is needed to provide clarity and regulation for the cryptocurrency industry, which has grown rapidly in recent years.

They also say that the bill will help to protect consumers from