Bitcoin Dumps As US Slaps China With Whopping 104% Tariffs
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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 Beijings retaliatory 34% tariffs on U.S. goods, pushing total U.S. tariffs on Chinese imports to 104%.
- Chinas 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 hes awaiting their call, though aides indicated talks with allies like Japan and South Korea are being prioritized.
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