U.S. President Donald Trump has recently made another surprising move on Friday, while accusing China of violating the trade agreement. Hence, Donald Trump has doubled the tariffs on aluminum and steel products imported from China while blaming the country for having allegedly infringed on the trade agreement made between the two countries.
With this, the total tariff on these imports now stands at 50%. This trade war has also affected the crypto market as much volatility is seen in the market, and Bitcoin ($BTC) has fallen from 112K to 103K over the past couple of days.
Trump Doubles Tariffs on China Over China’s Alleged Deal Breach
Trump’s decision to hit Chinese aluminum and steel imports with doubled tariffs is based on China’s alleged violation of the trade deal. The U.S. President reportedly made this announcement in Pennsylvania while conducting a campaign-style rally.
In addition to this, the respective announcement has also expressed a noteworthy shift in the trade strategy of Donald Trump. However, the potential implications of this aggressive approach remain to be seen as June is kicking off with a new phase in the political landscape.
Bitcoin ($BTC) Plunges to $103K Amid Growing Concerns
The crypto market has gone through a massive impact from this development amid the growing apprehensions. In this respect, the flagship crypto asset Bitcoin ($BTC) plunged to the $103K mark. At the moment, $BTC is changing hands at $103,849, showing a 2.17% decrease over the past 24 hours.
Additionally, the 7-day price performance of the key crypto asset denotes a 4.24% dip. Apart from that, the market capitalization of Bitcoin indicates a 2.17% decline in the meantime. In the meantime, miners are extracting their $BTC holdings due to the overall market uncertainty.
90-Day Tariff Suspension Deal Comes to an End
While addressing supporters, Trump asserted that China had remained unsuccessful in honoring the commitments made with the U.S. in a Geneva-based agreement. The respective agreement took place in mid-May, targeting the suspension of the sheer tariffs implemented by both countries for ninety days. However, the alleged infringement by China has led the Trump Administration to implement more tariffs, although the decision is provisionally on appeal.
