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Highlights
- Fears of a renewed US-China trade war are rising once again as Scott Bessent shares concerns.
- The U.S. Appeals Court's decision to reinstate Trump's reciprocal tariffs has added to global market uncertainty.
- Rising trade tensions have triggered a sell-off in the crypto market, with altcoins like Ethereum (ETH), XRP, and Dogecoin (DOGE) correcting 3-8%
Fears of a new escalation into the US-China trade war are rising again as US Treasury Secretary Scott Bessent stated that trade talks with China have “stalled”. Furthermore, with the US Appeal court reinstating Trump’s “reciprocal tariffs”, the global markets have turned jittery once again. Amid the rising macro uncertainty, the crypto market reacted with altcoin correcting the most. Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE) have all corrected 3-6%.
US-China Trade War Can Escalate As Talks Are Off
U.S. Treasury Secretary Scott Bessent stated that the ongoing trade talks between the U.S. and China have stalled while urging President Donald Trump and his Chinese counterpart Xi Jinping. During his recent interview with Fox Business, Treasury Secretary Bessent said: “I would say that they are a bit stalled”.
While the Trump tariff tensions between the two largest economies eased earlier this month, the latest development puts a pause on progress. Bessent visited Switzerland earlier this month for discussions on US-China trade with Chinese officials.
However, the talks led to a mutual step back from imposing tariffs exceeding 100% on each other’s goods. But Bessent is confident that further negotiations with Chinese representatives will take place “in the next few weeks”.
US Appeals Court Reinstates Trump Tariffs
A day after the U.S. Court of International Trade struck down Trump tariffs citing overreach of power by the U.S. President, the US appeals court has reinstated the “reciprocal tariffs”, while bringing the market volatility back.
The US Appeals Court’s decision to reinstate Trump’s reciprocal tariffs may be subject to appeal to the US Supreme Court. Both parties have the option to request a review, but the Supreme Court must first agree to take up the case, which is not guaranteed.
Altcoins Correct the Most In Uncertainty
The revival of the US-China trade war has once again escalated the crypto market unpredictably, with altcoins correcting the most. Ethereum (ETH) price dropped 3%, wiping out its weekly gains and moving under $2,700 once again.
Other altcoins like ADA, SUI, XRP, have corrected 3-5%, while Dogecoin (DOGE) has dropped more than 8%. Furthermore, the Japanese bond market is heating up once again with yields crossing 3%, hitting a two-decade high.
In the past 24 hours, the crypto market witnessed $680 million in liquidations, as per Coinglass data. A significant sell-off has rattled Bitcoin and altcoins, leaving traders with substantial losses.
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