US President Donald Trump clarified on Friday that proposed 100% tariffs on Chinese goods “won’t stand”, suggesting a softer stance than initially feared.
The statement comes amid rising global trade tensions and has already stirred speculation in traditional and crypto markets alike.
Bitcoin Reacts as Trump Softens on China Tariffs
While the initial threat of aggressive tariffs raised concerns over global risk sentiment and capital flight, Trump’s latest comments signal a potential easing in trade policy.
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In an interview with Fox News, President Trump discussed trade tensions with China and his upcoming meeting with Xi Jinping in South Korea in two weeks.
He further added that China really hurt the US economy in the past, but now that has changed.
When asked whether a 100% tariff on top of existing China tariffs could be upheld, Trump said no, adding that such a move wouldn’t be sustainable.
This shift has been interpreted as a relief signal for risk-on assets. In response, Bitcoin price showed a slight uptick, up nearly 2% on the 1-hour chart. Top cryptocurrencies followed suit, showing positive momentum after Trump softened his stance.
Price Performance of Top Cryptocurrencies. Source: CoingeckoThe change in stance comes as global markets plunged late last week after Donald Trump announced sweeping new tariffs and export controls on China, escalating trade tensions to their highest level since 2019. The aggressive move sent shockwaves through global markets, with risk assets like Bitcoin and Ethereum tumbling in response.
Source: https://beincrypto.com/crypto-markets-trump-eases-china-tariff-threat/
