US President Donald Trump has made an important announcement regarding new tariffs on China. He said tariffs on imports from China would be “approximately 155%” as of November 1.
President Trump said the measures were aimed at protecting the U.S. economy and called high tariffs “unsustainable” for China's economy.
Bitcoin's price, which had risen to $114,000 during the day, fell to $110,000 following these comments.
Chart showing the decline in BTC price.
He also said he plans to meet with Democratic leaders after the government reopens.
In previous remarks, President Trump spoke with Australian Prime Minister Anthony Albanese at the White House and announced plans to meet with Chinese President Xi Jinping later this month in South Korea or during the Asia-Pacific Economic Cooperation (APEC) summit. “We're going to have a really fair and great trade deal with China,” he said. “It would be great for both countries and for the world.”
In subsequent remarks, he added that the meeting with President Xi may not take place.
President Trump's comments came on the heels of a multibillion-dollar rare earths agreement between Washington and Canberra aimed at reducing China's dominance in global rare earth supply chains.
Experts say President Trump's comments indicate he intends to continue negotiations rather than escalate the trade war. “The U.S. and China are eager to reach a deal, but neither is willing to make significant concessions, so a comprehensive trade deal won't happen anytime soon, at least not until 2025,” said Zhuang Bo, global macro strategist at Loomis Sayles Investment Asia.
*This is not investment advice.
