Trump Reverses 100% Tariffs on China
U.S. President Donald Trump said on Friday that the 100% tariffs on China will not remain. He made this statement just one week after announcing the tariffs.
During an interview on FOX Business, Trump said “No” when asked if the tariffs would stay. He added that the U.S. and China “will be fine.”
Impact on Crypto Market and Bitcoin
The announcement came as the crypto market crashed. Bitcoin dropped to an intraday low of $105,000 amid global uncertainty.
Trump also confirmed he will meet Chinese President Xi Jinping in two weeks. Both sides still aim for a fair trade deal.
After Trump’s statement, Bitcoin briefly recovered from below $105,000 to about $106,000. It is currently trading at $106,686, according to CoinMarketCap.
Market Reaction and Future Outlook
Trump admitted the tariffs were unsustainable but said they aimed to push China toward fair trade. His quick reversal signals a softer tone in U.S.–China relations.
The market turmoil began last Friday when Trump first announced the 100% tariffs. This caused the largest crypto liquidation in months. Nearly $19 billion in value was lost as Bitcoin fell to around $104,000, reported The Crypto Times.
According to Polymarket, there is a 72% chance Bitcoin will drop below $100,000 before year-end. However, some see opportunity in the chaos. BitMEX co-founder Arthur Hayes called Bitcoin “on sale” and encouraged traders to “buy the dip” if banking stress triggers new bailouts.
