President Trump is considering a substantial decrease in tariffs on Chinese products. According to a recent report from WSJ, the Commander in Chief is contemplating the possibility of establishing a 50% to 65% tariff on Chinese imports.
The move comes just days after Trump announced that he’d decrease the 145% tax on Chinese products. “But it won’t be zero,” the President said on his Truth.Social account.
This move perhaps moves us into a new chapter in the trade war between two of the largest economies in the world. China itself reported that it’d be open to negotiating with the U.S. — and the recent remarks by the President imply that America is also willing to talk.
Market Reactions
Initially after the report, Bitcoin stopped its upward momentum, plunging back to the $92,000 resistance zone. Only 45 minutes after, $BTC took a 2.18% plunge, leading the currency to nearly erase its daily gains according to CoinMarketCap.
In the following moments, however, Bitcoin regained some of its momentum. Currently, the market-leading crypto is trading at $93,002 — up by 2.5% over the last 24 hours according to CoinMarketCap.
This initially negative response implies that maybe the market will react negatively to the news, potentially reinforcing that 65% tariffs on Chinese products will still significantly impact economic growth in the U.S.
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