U.S. President Donald Trump has again threathened higher tariffs on China if they fail to reach a trade deal. This comes as the Trump tariffs continues to negatively impact the crypto market, with Bitcoin dropping to as low as $104,000 last week.
Trump Tariffs On China Could Increase To 155%
Speaking during a bilateral lunch with Australia’s prime minister, the U.S. president warned that China may 155% tariffs if they do not reach a deal by November 1. However, he seemed optimistic that a deal was likely to happen by then.
Trump stated that he expects to work out a fair deal with China’s President Xi Jinping. As CoinGape earlier reported, the U.S. president will meet Jinping at an October 31 summit in Asia, just a day before the earlier announced 100% Trump tariffs on China is to take effect.
During the meeting, Trump also said that China has been “respectful” to the U.S. Meanwhile, he warned that he could threathen China with other things including airplanes if they do not agree to reach a trade deal. The president added that China is in “big trouble” if they don’t do business with the U.S.
This comes just days after the U.S. president indicated that the 100% tarriffs on China will not stand. He had earlier announced these tariffs after claiming that China had become “hostile.”
Bitcoin Falls Amid Trade Tensions
The Bitcoin price fell from around $111,000 following the latest threat of increase in the Trump tariffs. TradingView data shows that BTC had surged as much as 3% today, rising to $111,500.
Source: TradingView: Bitcoin Daily ChartHowever, Bitcoin has now sharply dropped to around $110,000, losing most of its intraday gains. The flagship crypto had dropped to as low as $104,000 last week on the back of rising tensions between the U.S. and China.
It is worth noting that the Trump tariffs on countries like India also remain in place. The U.S. president vowed to keep the massive tariffs on India until it stops buying Russian oil.
Bitcoin is also facing heavy selling pressure from miners and OGs amid the bearish sentiment sparked by the tariffs. Meanwhile, whales like the ‘Trump Insider Whale’ are also heavily shorting BTC. Onchain analytics platform Lookonchain revealed that the whale currently has a $121.5 million Bitcoin short position on Hyperliquid.
Source: https://coingape.com/trump-tariffs-us-president-threatens-155-tariff-on-china-bitcoin-falls/
