President Donald Trump announced reciprocal tariffs with 185 countries, including China, on April 2.
Trump decided to add an additional 34% tax on top of the tax applied to China, increasing the overall tax on Chinese goods to 54%.
China also imposed a 34% customs duty on all U.S. goods in retaliation for Trump’s move, in addition to the existing tariffs.
"With the approval of the State Council, additional tariffs will be imposed on imported goods originating from the USA starting from April 10, 2025, at 12:01. The relevant matters are as follows:
1. An additional 34% customs duty will be applied to all imported goods of US origin based on the current applicable tariff rate.
2. The current bond, tax deduction and exemption policies will remain the same, and no discounts or exemptions will be applied to additional tariffs.
This situation has led to a deterioration in risk perception, while Bitcoin (BTC) has declined to the level of $82,500.
The decline in Bitcoin has also significantly reversed the gains of other altcoins such as XRP, Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) during the day.
ForexLive analyst Justin Low said regarding China’s retaliation against the U.S.: “China’s response is not only negative for the U.S. but also affects the global outlook and risk assets.”
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