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.
