Replace Oct 15, 10:55pm: This text has been up to date to incorporate feedback from US Treasury Secretary Scott Bessent and the impression 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.
“Nicely, 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 don’t have any protection,” Trump defined, calling the tariffs an necessary measure for America’s nationwide safety.
🚨 JUST IN: President Trump declares the US is in a TRADE WAR with China
“We’re in a single now!”
“We now have 100% tariffs.”
“If we did not have tariffs, we’d don’t have 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 beneath $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 are important for constructing laptop chips.
Trump’s newest feedback haven’t triggered a vital 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 need to decelerate the worldwide financial system by means of disappointing actions and thru financial coercion, the Chinese language financial system might be damage essentially the most — and make no mistake: that is China versus the world.”
“We and our allies will neither be commanded nor managed [by] a gaggle of bureaucrats in Beijing,” Bessent added.
Tariffs have damage Bitcoin mining business
Trump’s tariffs on a number of Asian international locations have, nevertheless, made it more difficult for US-based miners to buy ASIC Bitcoin miners.
The tariff at the moment 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 units.
Regardless of the problems, no main US Bitcoin mining firm has shifted its operations abroad as some business analysts anticipated.
Journal: Sharplink exec shocked by stage of BTC and ETH ETF hodling: Joseph Chalom
