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Bitcoin price has been flirting around $104,000 on Friday, May 16 as US President Donald Trump disclosed his tariff plans during the final leg of his ongoing visit to the UAE.

Bitcoin's price rise managed to pull out majority altcoins out of their slumbers into the profit zone. The overall market cap of the sector showed fluctuations in the last 24 hours to claim the valuation of $3.4 Trillion as per CoinGecko .

The United States plans to independently set new tariff rates on many trading partners as per President Donald Trump's plans. In the next two to three weeks, new tariffs will be imposed by the US on "many countries".

President Trump revealed the information in a meeting with business executives in the UAE on Friday, Financial Times reported. He noted that there are over “150 countries” looking for trade deals, but cracking agreements with each one of them is not feasible.

Marking the liberation day on April 2, Trump’s administration has introduced a plethora of tariffs, most of which have been now scaled back to 10 percent for a short 90-day period .

The US has also struck a deal with the UK this month for tariff relief on products like cars and steel. The nation is actively engaged in critical trade discussions with several nations, seeking to boost its domestic industrial growth with global partnerships.

India is also nearing the final stages of an agreement on technology-related goods. Meanwhile, China has agreed to incremental tariff cuts, aimed at reducing trade tensions without compromising its national interests.

Among highlights from Trump’s UAE visit, he discussed new trade agreements with the emirates, focusing on defense, energy, and infrastructure sectors.

The Trump family has been creating headlines from the UAE consistently these recent weeks. Last month, President Trump's son, Eric, reached Dubai for the Token2049 event.

He disclosed that Trump-backed USD1 stablecoin will be used to settle MGX's purchase of a minority stake in Binance. As per Binance founder Changpeng Zhao, this transaction of $2 billion via USD1 will make for the largest ever conducted through a crypto token.