trump Threatens 104% Tariffs on china, crypto Market Reacts
U.S. President Donald trump has escalated the trade war with China. He announced a potential 50% tariff hike if China doesn’t remove its retaliatory measures by April 8, 2025. this comes after China imposed 34% tariffs on U.S. goods.
Currently, U.S.tariffs on Chinese imports stand at 54%.If Trump’s new measures take effect,the total will reach 104%. Specific items like cars and electronics could face even higher rates.
Since April 2,average U.S. tariffs on foreign goods have risen to 18.8%, the highest since 1930. This has sparked concerns in both stock and crypto markets.The crypto market has lost $1 trillion since February due to risk-off sentiment.
Traders fear inflation, economic slowdown, and job losses. However, 59% of Polymarket traders believe Trump will reduce most tariffs by July. This is up from 33% just a day earlier.
Bitcoin prices spiked to $81,119 after the news but later dropped to $78,321. Some traders hope the tariffs are a negotiation tactic. Trump hinted at a possible 90-day pause on tariffs, except for China, as talks continue.
For now, the crypto market remains on edge, awaiting further developments in the U.S.-China trade war.
