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Highlights
- US President may file additional tariff on China as trade war escalates
- Countries are open to negotiate new trade deals with the US
- Market trend shows negative volatility at play with Bitcoin the spotlight
United States President Donald Trump is not giving up on his plans to make nations like China accept the terms of his reciprocal tariffs, which he unveiled last week. Countries have started announcing counter-tariffs, exacerbating the long-drawn trade war that has continued to affect the crypto market.
President Donald Trump Issues New Warning to China
As President Donald Trump revealed and broadcasted on X, the US will levy an additional 50% tariff on China if the Asian giant fails to lift its 34% counter tariff. After Trump’s reciprocal announcement on April 2, China responded with a 34% level.
This move was unacceptable to President Donald Trump, who said China has already imposed a record-setting tariff. The US President’s ultimatum to China was April 8, and if the nation fails to comply, it will respond in kind with 50% of the import charges.
In his post on Truth Media, the US President noted that his administration will continue to negotiate with other countries that have reached out. However, he said all negotiations with China would be halted immediately if China’s levy on US imports were not lifted.
Mexico, Canada, Japan, and the European Union are among the nations looking for a renewed deal with the US.
Impact of Tariff Moves on Crypto Market
As seen in the crypto market over the past few weeks, the sentiment around the trade war has sparked concerns about nascent asset classes. As reported earlier by CoinGape, Bitcoin crashed to $74,00 on concerns that more tariffs and economic instability are in view.
The same bearish outlook is seen for all the altcoins, from XRP to Solana and Cardano. Beyond this outlook, the current trend suggests no aspect of the market is safe, with intense volatility still at play.
Considering the nature of stock market losses, the industry is now very sensitive to fake news. Earlier, BTC’s price rebounded to $80,000 on a fake update that President Donald Trump had suspended the tariff implementation for 90 days. If the countries do not reverse the trend, more fluctuations may come.
Bitcoin and Altcoin Price Outlook
At the time of writing, the price of Bitcoin has pared off some of its losses and was trading at $78,961.40, down by 1.6% in 24 hours. Within this period, the coin has moved between two price extremes, including a low of $74,436 and a high of $81,119.06.
Altcoins are also also staging a comeback with Ethereum trading for $1,556.42 atop a 7.01% decline. XRP, Dogecoin and Solana are also down by 6.04%, 5.11% and 3.31% as of writing.
Market experts like Arthur Hayes have predicted Bitcoin dominance to hit 70% with the market likely to stage a rebound. If achieved, altcoins may also stage a sustained rebound moving forward.
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