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US President Donald Trump is once again threatening China with increasing existing import tariffs on Chinese goods into the USA. These will rise to 155 percent if China does not reach a consensus with the United States. The due date is November 1st. Crypto expert Arthur Hayes still recognizes predominantly bullish factors.
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Trump Threatens China with 155% Tariffs
US President Donald Trump threatened China again on Monday in a press conference with an increase in import duties of 100 percentage points. The current fees of 55 percent will then rise to a total of 155 percent. On October 10, the 79-year-old publicly expressed his threat for the first time, causing a crypto crash of historical proportions.
China had previously announced export controls on rare earths. According to Trump’s assessment, goods from the controls that do not originate from Chinese production could also be affected because they may contain Chinese raw materials.
The United States of America and China have been in a trade conflict for several months. Trump sees his home country at a disadvantage in international trade. Agreements have already been established with other important trading partners such as Japan, South Korea and the EU, but no consensus has yet been reached with China.
The US President is now using rising import tariffs on Chinese imports as a means of exerting pressure. China is the country’s third most important trading partner after Mexico and Canada. The trade deficit of 295 billion US dollars was larger in absolute terms in 2024 than with any other partner. This situation has also prompted Trump to insist on high import tariffs.
In his latest announcement, it sounds as if the two governments have recently moved closer to each other.
“China has treated us very respectfully. They pay us huge amounts of money in the form of tariffs. You know, they pay 55 percent. (…) Like many other countries, they have taken advantage of the USA. They don’t do that anymore.”
However, Trump is not conciliatory. He reiterated his already stated threat. Accordingly, 155 percent import tariffs will come into effect on November 1st if no agreement has been reached with the Chinese government under Xi by then.
“They potentially pay 155 percent, starting November 1st, should we not reach an agreement.”
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Trump and Xi Meet in South Korea
The US President is not giving the Chinese government much time for an agreement. Trump and Xi would like to meet in South Korea on October 31st. Then they could reach a consensus and avert the growing trade conflict.
“We’ll see what we can do. Our relationship with China is very good, but (…) they are trying to take advantage of us,” Trump explained.
He is confident that he will find common ground with the Chinese President.
“I expect that we can reach a very fair agreement with Chinese President Xi.”
Crypto Market Continues to Fall
Although Trump’s words already seem much more peaceful compared to his last speech, no positive reaction has yet been seen on the crypto market. The entire market fell by 0.95 percent over the last 24 hours. Its total value is 3.65 trillion US dollars.
The Bitcoin price fell by a further 1.08 percent. BTC is trading at $108,155 at the time of going to press. In the weekly trend, the largest cryptocurrency lost 3.16 percent of its market value.
- Bitcoin
(BTC) - Price $107,507.00
- Market Cap
$2.14 T
Only twelve of the 100 largest cryptocurrencies are showing gains in the daily trend – they are between 0.14 and 7.51 percent. According to the CMC Fear & Greed Index, the market is still in a fearful state (29 out of 100 points).
Crypto entrepreneur Arthur Hayes believes that the current market situation is a huge opportunity. According to his assessment, numerous cryptocurrencies could be bought cheaply. However, the macroeconomic situation is already set for further price rallies, so price gains should follow soon.
“BTC is currently on sale. If the US banking problem develops into a crisis, you need to have a rescue plan ready,” wrote Hayes.
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The US government could greatly reduce the importance of commercial banks by allowing the central bank to cooperate directly with companies. Hayes believes this is a revenge action by the US President, whose environment was affected by debanking before his second term in office.
