President Trump has confirmed that the US is in a trade war with China after threatening to impose 100% tariffs on imports.
When asked by reporters whether the United States was preparing for a trade war with China, President Donald Trump replied simply that the two countries were already in one. The statement came after Trump threatened to impose 100% tariffs on all imports from China last week, officially confirming that the trade confrontation between the world's two largest economies had entered the public stage.
President Trump explain without tariffs, the US would have no defense and argued that import tariffs are an important measure to protect national security. His social media post last Friday triggered a sharp decline in the crypto-asset market, sending Bitcoin plummeting from around $121,560 to below $103,000 in just a few hours. The tariffs were in response to China's tightening of export controls on rare earths, a group of minerals vital to the production of semiconductor chips and high-tech equipment, according to the statement.
US Treasury warns China of self-harm
US Treasury Secretary Scott Bessent, at a press conference the same day, harshly criticized China's trade policy and export controls, warning that these actions could be counterproductive to China's own economy.
Bessent said that if some Beijing officials want to slow the global economy through disappointing actions and economic coercion, it will be the Chinese economy that will be hurt the most because this is a confrontation between China and the world. He emphasized that the US and its allies will not allow themselves to be controlled or dominated by a group of officials in Beijing.
Trump’s tariffs on several Asian countries, including China, Indonesia, Malaysia, and Thailand, have made importing ASIC Bitcoin Mining Rig into the US significantly more difficult and expensive. Currently, the import tax on miners originating from China is 57.6%, while those from Indonesia, Malaysia, and Thailand face a significantly higher 21.6% tax. Last year, US Customs and Border Protection also seized thousands of Bitcoin Mining Rig suspected of being smuggled radio frequency transmitters.
Despite the headwinds from tariffs and regulatory measures, no major US Bitcoin mining company has moved operations overseas, contrary to the predictions of some industry experts. Data from CoinGecko shows that Mr. Trump's latest comments have not caused a significant sell-off, with Bitcoin up slightly by 0.1% in the past hour, suggesting the market is gradually adapting to the escalating trade tensions.
