According to today’s data from Satoshi Club, China has raised its trade taxes on the US imported goods to 84% from 34%, effective April 10. This retaliatory action comes after the US almost doubled tariffs on Chinese imports.
Chinese tariff retaliation
Today, China challenged Trump-led tariff policy by raising its taxes on US imported products to over 80%. According to the latest news shared by Satoshi Club, tariffs on US goods coming to China will hike to 84% from 34% beginning April 10. This increase comes as a retaliatory move against the recent US tariff hike on Chinese products to 104%, which started taking effect yesterday, April 8.
The Trump-led government announced a series of new trade tax policies last week, April 2, warning other nations not to take revenge. While some countries, such as Japan, have appeared willing to engage in negotiations on tariff matters, China seems to be embracing an uncompromising approach and immediately announced a countermove.
Bitcoin tries to recover
International markets fell following Trump’s announcement of multiple trade tariffs, which came into force last week and targeted nations that are exploiting trade imbalances to the disadvantage of the US economy. The global trade tension triggered an immediate plunge across international markets, including cryptocurrency.
Today, Bitcoin’s price further fell from $77.1k to a low of $75.8k after the US-China trade war sparked fear across crypto markets. The asset’s value is currently standing at $76,831, down 4.1% from yesterday.
Despite the immediate plunge, BTC is already showing indications of recovery. The asset appears to have moved out of the fall and has begun to stabilize, suggesting that as market panic diminishes, buying pressure builds up.
Long-term buyers, especially whales, are still accumulating, which shows strong optimism about Bitcoin’s long-term movement despite recent pullbacks. The asset still holds strong. Its recovery seems to be backed by several long-term buyers who view it as a safe haven against economic turmoil.
