Replace Oct 15, 10:55pm: This text has been up to date to incorporate feedback from US Treasury Secretary Scott Bessent and the influence of tariffs on the Bitcoin mining business.
US President Donald Trump has confirmed the US is in an lively commerce battle with China after threatening a 100% tariff on all Chinese language imports final week.
“Properly, we’re in a single now,” Trump mentioned after being requested by White Home reporters whether or not the US is making ready for a “sustained commerce battle with China.”
”If we didn’t have tariffs, we’d be uncovered as being a nothing, we’d haven’t any protection,” Trump defined, calling the tariffs an necessary measure for America’s nationwide safety.
🚨 JUST IN: President Trump declares the USA is in a TRADE WAR with China
“We’re in a single now!”
“We’ve got 100% tariffs.”
“If we did not have tariffs, we’d haven’t any protection. They’ve used tariffs on us.”pic.twitter.com/o360DtdsaQ
— Eric Daugherty (@EricLDaugh) October 15, 2025
A social media put up from Trump final Friday threatening the tariffs sparked a crypto market crash that noticed Bitcoin (BTC) fall from round $121,560 to under $103,000 over a number of hours.
Associated: $19B crypto market crash: Was it leverage, China tariffs or each?
Trump mentioned he would impose a 100% tariff on China after China tightened its export controls on uncommon earth minerals which can be important for constructing laptop chips.
Trump’s newest feedback haven’t triggered a big market selloff, with Bitcoin up 0.1% during the last hour, CoinGecko knowledge reveals.
Bessent slams China’s “disappointing actions”
US Treasury Secretary Scott Bessent criticized China’s commerce ways earlier on Wednesday, claiming China’s actions will backfire in the event that they don’t ease export controls:
”If some within the Chinese language authorities wish to decelerate the worldwide financial system via disappointing actions and thru financial coercion, the Chinese language financial system will probably be harm probably the most — and make no mistake: that is China versus the world.”
“We and our allies will neither be commanded nor managed [by] a bunch of bureaucrats in Beijing,” Bessent added.
Tariffs have harm Bitcoin mining business
Trump’s tariffs on a number of Asian nations have, nevertheless, made it tougher for US-based miners to buy ASIC Bitcoin miners.
The tariff at present stands at 57.6% on China-origin mining machines and 21.6% on these from Indonesia, Malaysia and Thailand, making it considerably dearer than earlier than.
Final 12 months, Bitcoin miners additionally bumped into issues with the US Customs and Border Safety, which seized 1000’s of Bitcoin miners below the impression they have been illegally imported radio frequency gadgets.
Regardless of the problems, no main US Bitcoin mining firm has shifted its operations abroad as some business analysts anticipated.
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