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China Responds to Trump's Tariff Hike With 15% Duty on U.S. Imports
The trade war is in full swing, offering headwinds to risk assets, including cryptocurrencies.
Updated Mar 4, 2025, 6:11 a.m. Published Mar 4, 2025, 5:59 a.m.
What to know:
The trade war is in full swing again, offering headwinds to risk assets, including cryptocurrencies.
On Tuesday, China announced a 15% tariff on the import of wheat, corn, cotton and chicken from the U.S., alongside an additional 10% tax on sorghum, soybeans, pork, beef, seafood, fruits and vegetables, all of which is set to take effect on March 10.
The move came after U.S. President Donald Trump on Monday doubled the tariff on imports from China to 20%. The President also confirmed that 25 per cent tariffs on goods from Mexico and Canada would come into effect on Tuesday, leading to broad-based risk-off in stocks and cryptocurrencies.
As of writing, bitcoin (BTC), the leading cryptocurrency by market value, traded near $84,200, representing a 2% drop on the day (UTC), per data source CoinDesk and TradingView.
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Bitcoin slides to $86,000 as slower rate cut risk, AI stock woes shake markets
Crypto-related stocks suffered far deeper declines as bitcoin slumped well below its recent trading range.
What to know:
- Bitcoin and major altcoins fell further throughout U.S. trading hours as macro uncertainty continued to pressure risk assets.
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- Wintermute's Jasper De Maere suggested the decline is and should remain orderly.
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