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COINDESK DAILY: China Retaliates With 84% Tariffs on U.S. Goods
Apr 9, 2025
Tensions escalate as China imposes an 84% tariff on U.S. goods, impacting both the economy and the crypto market. This move sends cryptocurrencies, including Bitcoin, into a volatile state, fluctuating between $70,000 and $80,000 with a concerning liquidity crunch. In another twist, the Trump family-backed World Liberty Financial has sold off Ethereum at a loss, adding fuel to the conversation on crypto dynamics amidst geopolitical conflicts.
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Quick takeaways
- China's 84% tariffs on U.S. goods exemplify escalating trade tensions and evoke calls for negotiations amid economic instability.
- The cryptocurrency market is facing heightened volatility, with Bitcoin's price fluctuating significantly due to precarious liquidity and investor losses.
Deep dives
Impacts of Tariffs on U.S.-China Trade Relations
China has announced an 84% tariff on U.S. goods, effective April 10th, in retaliation to the U.S. imposing a 104% tariff on Chinese imports. This trade escalation has prompted significant commentary from officials, with U.S. Treasury Secretary Scott Besant labeling China's tariffs as unfortunate and urging for negotiations. The situation has drawn attention from state-run media in China, which has called for a global response to what it describes as U.S. trade tyranny. This tit-for-tat exchange exemplifies the growing tensions and complexities in U.S.-China trade relations, reflecting broader concerns over economic stability.
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