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 energetic commerce warfare with China after threatening a 100% tariff on all Chinese language imports final week.
“Effectively, we’re in a single now,” Trump stated after being requested by White Home reporters whether or not the US is getting ready for a “sustained commerce warfare 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 essential 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 have now 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 under $103,000 over a number of hours.
Associated: $19B crypto market crash: Was it leverage, China tariffs or both?
Trump stated he would impose a 100% tariff on China after China tightened its export controls on uncommon earth minerals which can be important for constructing pc chips.
Trump’s newest feedback haven’t triggered a significant market selloff, with Bitcoin up 0.1% during the last hour, CoinGecko data 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 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 gaggle of bureaucrats in Beijing,” Bessent added.
Tariffs have damage Bitcoin mining business
Trump’s tariffs on a number of Asian nations have, nonetheless, made it more difficult for US-based miners to buy ASIC Bitcoin miners.
The tariff currently 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 yr, Bitcoin miners additionally bumped into issues with the US Customs and Border Safety, which seized thousands of Bitcoin miners underneath the impression they have been illegally imported radio frequency units.
Regardless of the problems, no main US Bitcoin mining firm has shifted its operations overseas as some business analysts anticipated.
Journal: Sharplink exec shocked by level of BTC and ETH ETF hodling: Joseph Chalom
