U.S. President Donald Trump has stated that the 100% tariffs on China will not stand, just a week after announcing them. This comes as the crypto market crashes, partly due to the trade tensions between the two countries.
Trump Backtracks on China Tariffs Amid Crypto Market Crash
The U.S. president said “no” when asked during a FOX Business interview whether the China tariffs would stand. He also remarked that they will be fine with China, a move that eases trade tensions between the two countries. Trump also confirmed that he will meet with Chinese President Xi Jinping in two weeks, after earlier indicating that he was no longer interested in the meeting.
This development comes as the crypto market crashes today, with the Bitcoin price dropping to an intraday low of $103,500. Notably, BTC alongside the broader market sharply bounced following Trump’s statement, with the flagship crypto touching $106,000.
Meanwhile, Trump’s statement comes just a week after he announced 100% tariffs on China, which triggered the largest liquidation event in the crypto market. $19 billion was wiped out from the market last week, as Bitcoin crashed to around $104,000.
However, as CoinGape recently reported, the Trump tariffs are just one of the factors contributing to the market crash. The market began its recent crash yesterday and has continued to decline despite Trump’s non-tariff announcement.
Another factor contributing to the crypto market crash is the significant selling pressure BTC is currently facing from whales and miners. CoinGape reported that these miners have deposited over 51,0000 BTC into exchanges over the last week.
