Donald Trump has detonated a fresh shockwave through global markets by announcing sweeping new 100% tariffs on Chinese imports to the US, set to take effect on November 1.
These duties will pile on top of existing charges — pushing the total tariff rate on Chinese goods to an eye-watering 130%. The move follows a day of turmoil on Wall Street, where mere hints of the tariffs earlier in the day had already sparked the worst US stock sell-off since April, as investors braced for a new escalation in the US-China trade war.
In addition to the tariffs, Mr Trump revealed plans for new export controls on “critical software”, further straining relations between the world’s two largest economies.
The fallout is expected to be immediate: soaring import costs for US consumers, mounting pressure on businesses dependent on Chinese supply chains, and deepening uncertainty across global markets. But the biggest question now hanging over investors — how will Beijing strike back?
Cryptocurrency markets were rocked on Friday after Donald Trump’s surprise move to slap 100% tariffs on Chinese imports sent shockwaves through global finance.
Bitcoin nosedived nearly 10%, briefly dipping below $110,000 before stabilising around $113,559, according to CoinMarketCap. Ethereum tumbled 10.47% to $3,896, while BNB, Solana, and XRP plunged 13.49%, 12.64%, and 20.72%, respectively.
The sell-off mirrored broader market panic as traders dumped risk assets in favour of safer havens like gold and Treasuries. With tensions between Washington and Beijing now threatening to ignite a new phase of the trade war, crypto investors are bracing for more volatility ahead.
Wall Street was gripped by panic on Friday after a fiery Truth Social post from President Donald Trump warning of a “massive” tariff increase and the cancellation of his upcoming meeting with President Xi Jinping amid a growing dispute over rare earth minerals.
The shock announcement triggered the biggest single-day sell-off in US stocks since April. The S&P 500 sank 2.71%, marking its steepest decline since April 10 in the wake of Trump’s previous “Liberation Day” tariffs. The Nasdaq plunged 3.56%, while the Dow Jones Industrial Average dropped 1.9%, as investors scrambled to assess the fallout of a rapidly escalating trade war.
