China’s commerce minister, Wang Wentao, has urged the U.S. to cooperate in the ongoing trade negotiations as the two sides seek a deal on the Trump tariffs. The rising trade tensions between the two countries have sparked a bearish sentiment in the crypto market, with prices currently on the decline.
China Urges U.S. To Coorprate Amid Talks On Trump Tariffs
According to a Reuters report, Wang said they hope the U.S. will work with China to address issues through dialogue and consultation on an “equal footing.” He added that they also hope that the U.S. will provide more stable expectations and conditions for enterprises from both countries to cooperate.
This comes as trade tensions between the two countries rise following the new Trump tariffs. As CoinGape reported, the U.S. President had announced a 100% tariff on China last week, starting from November 11.
When asked if there was a likelihood of a sustained trade war with China if they cannot reach an agreement, Trump responded that the U.S. was already in one now with China. Notably, Wang suggested that the U.S. was to blame for the heightened trade tensions between the two countries.
He blamed the U.S. measures as the main reason for the “recent fluctuations in China-U.S. economic and trade relations.” On the other hand, the U.S. has also pointed fingers at China, with U.S. Treasury Secretary Scott Bessent recently stating that China is trying to hurt the world’s economy with its export controls.
Crypto Market Extends Decline Amid Trade Tensions
The Trump tariffs and trade tensions between the U.S. and China are again hurting the crypto market, which is currently on a significant decline. TradingView data shows the market is down over 2% today, dropping to a market cap of $3.63 trillion.
Source: TradingView; Total Crypto Market Cap Daily ChartThe Bitcoin price has led this market decline, dropping below $108,000 today from an intraday high of around $111,000. Major altcoins like Ethereum, Solana, XRP, and Dogecoin have also recorded significant losses in the last 24 hours.
It is worth mentioning that Bitcoin had dropped to as low as $104,000 last week following the announcement of the 100% Trump tariffs on China. However, it rebounded alongside the broader market earlier in the week, rising to as high as $116,000.
Meanwhile, Trump is set to make an announcement today, which market participants anticipate may address trade tensions between the U.S. and China. There is also the possibility that the trade war could escalate in the coming days.
The ‘Trump Insider Whale’ who made up to $200 million in profits shorting Bitcoin and Ethereum just before the announcement of the Trump tariffs last week is again shorting BTC. This has raised speculations that another major crash may be on the horizon.
Source: https://coingape.com/trump-tariffs-china-urges-u-s-cooperation-as-trade-tensions-spark-crypto-market-crash/
