China Retaliates to U.S. Tariff Hike With Fresh Duties, Crypto and Stocks Slip
The ongoing trade war between the U.S. and China is heating up, weighing on risk assets, including cryptocurrencies.
Key Developments:
- China has imposed a new wave of tariffs on U.S. goods, hitting wheat, corn, cotton, and chicken with a 15% duty, while slapping a 10% tariff on soybeans, pork, beef, seafood, and other agricultural products. These new measures take effect March 10.
- This follows President Trump’s tariff escalation on Monday, where he doubled duties on Chinese imports to 20% and reaffirmed 25% tariffs on goods from Mexico and Canada.
- The market reaction has been swift—Bitcoin (BTC) is down 2% to $84,200, as investors brace for further economic uncertainty.
With global trade tensions intensifying, investors are watching for potential retaliatory measures that could further shake financial markets.
