Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Trump justifies China tariffs as crypto market crashes

Trump justifies China tariffs as crypto market crashes

Crypto.NewsCrypto.News2025/10/16 16:00
By:By David MarsanicEdited by Jayson Derrick

Crypto markets crashed as Trump reaffirmed 100% tariffs on China, despite admitting they are “unsustainable.”

Summary
  • Crypto markets fell more than 5% amid ongoing trade tensions between the U.S. and China
  • Donald Trump justified 100% tariffs on China, despite admitting the figure is unsustainable

New U.S. tariffs on China sparked renewed global risk aversion, hitting crypto assets hard. On Friday, Oct. 17, Bitcoin fell 5%, adding to a 13% weekly loss. At the same time, the total crypto market cap fell 5.75%, while the top 20 crypto assets dropped about 5%.

The market downturn coincided with U.S. President Donald Trump’s latest comments justifying the 100% tariff on Chinese imports. While admitting that the additional 100% levy was unsustainable, he blamed China.

“It’s not sustainable, but that’s what the number is,” Trump said about the 100% tariffs on China. “They forced me to do that,” he said in a Friday interview.

Earlier, Trump expressed mild optimism regarding trade talks with China. He also confirmed he would meet with Chinese President Xi Jinping in two weeks during a conference in South Korea.

The escalation of the trade war, alongside further export controls on critical software, was a reaction to China’s expansion of export controls for rare earth minerals. These minerals are critical for U.S. industry, especially the tech sector. At the same time, China relies on imports of advanced microchips from U.S. ally Taiwan.

Trump’s tariff spooks crypto markets

A 100% U.S. tariff on Chinese imports is a major disruptor of the global economy. Experts, including those at the Federal Reserve, expect significant negative impacts on economic growth, inflation, and employment.

For this reason, high-growth assets such as tech and crypto declined amid ongoing tensions. Meanwhile, gold reached its highest levels yet, trading at $4,250 per ounce.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Cobie: Long-term trading

Crypto Twitter doesn't want to hear "get rich in ten years" stories. But that might actually be the only truly viable way.

Chaincatcher2025/11/29 19:18
Cobie: Long-term trading

The central bank sets a major tone on stablecoins for the first time—where will the market go from here?

This statement will not directly affect the Hong Kong stablecoin market, but it will have an indirect impact, as mainland institutions will enter the Hong Kong stablecoin market more cautiously and low-key.

Chaincatcher2025/11/29 19:17
The central bank sets a major tone on stablecoins for the first time—where will the market go from here?

Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire

A few days before his death, Munger asked his family to leave the hospital room so he could make one last call to Buffett. The two legendary partners then bid their final farewell.

ForesightNews2025/11/29 18:52
Charlie Munger's Final Years: Bold Investments at 99, Supporting Young Neighbors to Build a Real Estate Empire

Stacks Nakamoto Upgrade

STX has never missed out on market speculation surrounding the BTC ecosystem, but previous hype was more like "castles in the air" without a solid foundation. After the Nakamoto upgrade, Stacks will provide the market with higher expectations through improved performance and sBTC.

雨中狂睡2025/11/29 17:51
Stacks Nakamoto Upgrade