Bitcoin Dumps As US Slaps China With Whopping 104% Tariffs
Trump is waiting to hear from China before the tariffs take effect, though negotiations with the country are not being prioritized, other admin officials say.
President Donald Trump has vowed to increase U.S. tariffs on China beyond 100% within mere hours, prompting BTC and stocks to begin cratering again on Tuesday.
- Trump announced plans to impose an additional 50% duty on U.S. imports from China starting Wednesday, in response to Beijing’s retaliatory 34% tariffs on U.S. goods, pushing total U.S. tariffs on Chinese imports to 104%.
- China’s commerce ministry labeled the U.S. tariff escalation as “a mistake on top of a mistake,” accusing the U.S. of a “blackmailing nature” and pledging to “fight to the end” if the U.S. persists.
- This comes after global stock markets steadied on Tuesday after days of turmoil, with European shares recovering from 14-month lows and Wall Street indexes rebounding amid hopes Trump might soften his tariff stance.
- As of writing, bitcoin has cratered back to $76,600, after briefly recoverin back above $80,000 early Tuesday.
- Liquidations in crypto remain high, including $287 million in trades ‘rekt’ in the past 24 hours, across over 99,000 traders, according to Coinglass.
- Trump suggested a deal with China is possible, stating on social media that China “wants to make a deal, badly,” and that he’s awaiting their call, though aides indicated talks with allies like Japan and South Korea are being prioritized.
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