President Donald Trump has announced plans to increase U.S. tariffs on Chinese imports to 104%, starting Wednesday, in retaliation for China’s 34% tariffs on U.S. goods. This announcement led to declines in both Bitcoin and stocks on Tuesday.
China’s commerce ministry criticized the U.S. move as “a mistake on top of a mistake,” accusing the U.S. of employing “blackmail” tactics and committing to resist the pressure.
Global stock markets had shown signs of recovery earlier on Tuesday, with European shares bouncing back from 14-month lows and Wall Street indices rising amid hopes that Trump might reconsider his tariff strategy.
Bitcoin fell back to $76,600 after briefly surpassing $80,000 earlier in the day. Crypto liquidations remain significant, with $287 million in trades wiped out in the last 24 hours, according to Coinglass.
Trump hinted at the possibility of negotiating a deal with China, claiming on social media that China “wants to make a deal, badly,” although his aides noted that he is focusing on talks with allies like Japan and South Korea.
