Replace Oct 15, 10:55pm: This text has been up to date to incorporate feedback from US Treasury Secretary Scott Bessent and the affect of tariffs on the Bitcoin mining business.
US President Donald Trump has confirmed the US is in an energetic commerce struggle 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 making ready for a “sustained commerce struggle with China.”
”If we didn’t have tariffs, we might be uncovered as being a nothing, we might 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 now have 100% tariffs.”
“If we did not have tariffs, we might don’t have any protection. They’ve used tariffs on us.”pic.twitter.com/o360DtdsaQ
— Eric Daugherty (@EricLDaugh) October 15, 2025
A social media publish 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 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 laptop chips.
Trump’s newest feedback haven’t triggered a big market selloff, with Bitcoin up 0.1% over the past hour, CoinGecko knowledge exhibits.
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 economic system by disappointing actions and thru financial coercion, the Chinese language economic system will probably 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 bunch of bureaucrats in Beijing,” Bessent added.
Tariffs have damage 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 yr, Bitcoin miners additionally bumped into issues with the US Customs and Border Safety, which seized 1000’s of Bitcoin miners below the impression they had 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.
Journal: Sharplink exec shocked by degree of BTC and ETH ETF hodling: Joseph Chalom
