Trade tensions are escalating to another level as the White House Press Secretary stated that 104% additional tariffs were imposed on China as they didn’t remove its retaliation.
This news triggered the crypto market where Bitcoin hit a low of $76,811 with a 5% decrease from its today’s high. The total crypto market cap is down by 1.66%, currently at $2.44 trillion.
The news was shared by Edward Lawrence, a White House correspondent for FOX Business. In an X post, he said that the additional tariff will be collected starting April 9.
According to Edward, “Being more clear: When the tariffs go into effect at 12:01a April 9th. China will see an additional 104% added to imports. China missed its 12p Eastern Time deadline to remove retaliation tariffs set by President Trump.”
China’s Commerce Ministry responded to the current tariff situation and said the US threat is a mistake on top of the mistake, revealing their blackmailing tactics.
The ongoing trade war is impacting the crypto market badly as the whole market is bleeding red. At the time of writing, Bitcoin is trading at $77,075 with an intraday drop of almost 3% reflecting extreme bearishness. Additionally, Ethereum is down by 6% and has fallen 24% over the past week, currently trading at $1,479.
Also Read: Crypto Market Crash: US Imposes 104% Tariff On China!
