The value of President Donald Trump’s controversial memecoin has cratered following the rollout of the White House’s new tariffs.

Official Trump (TRUMP) is trading at $9.03 at time of writing and is down more than 13% in the past 24 hours.

Trump signed an executive order on Wednesday that slapped a 10% baseline tariff on all imported goods entering the US, effective April 5th, with the stated goal of protecting domestic manufacturing.

He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.

The tariffs rattled global markets, with the S&P 500 plunging by 4.84% on Thursday and the Nasdaq Composite dropping by…