Crypto Market Crash After Trump's 100% Tariff Announcement on China
The crypto market has experienced a sharp decline following U.S. President Donald Trump's announcement of a 100% tariff on Chinese goods, set to take effect on November 1, 2025.
This measure is in response to Beijing's export restrictions and has sparked broad selling across digital assets, intensifying market losses.
Trump said China had taken an "extraordinarily hostile" stance on trade by sending a global letter outlining new export controls.
According to Trump, the measures would affect nearly every product China produces and even some it does not. He described the decision as "unheard of in international trade" and "a moral disgrace" in dealings between nations.
Trump confirmed that the United States would retaliate by imposing a 100% tariff on Chinese goods and applying export controls on critical software.
Author's summary: Trump's tariff announcement affects crypto market.