Bitcoin (BTC) and Nasdaq futures experienced renewed pressure during Asian trading hours on Tuesday after China imposed retaliatory tariffs in response to the U.S.’s recent actions, further heightening trade war fears.
In addition to the tariffs, China initiated an antitrust investigation into Google and placed companies like PVH Corp and Illumina on its “unreliable entities” list, escalating tensions between the two global powers.
The new tariffs from China include a 15% duty on U.S. coal and LNG, along with a 10% tax on crude oil, agricultural machinery, pickup trucks, and large-engine vehicles. This move follows the recent implementation of U.S. President Donald Trump’s 10% tariffs on Chinese imports.
While Bitcoin had surged to over $102,000 from nearly $92,000 in anticipation of a short-lived trade war, the fresh tariffs from China have dampened market optimism, causing Bitcoin to dip to approximately $98,500. Meanwhile, Nasdaq futures fell by 0.6%, and the U.S. dollar saw increased demand as investors sought safe-haven assets amid the rising geopolitical tensions.
