Trump announces 100% tariffs on China, Bitcoin plummets below $110K

Bitcoin plunged below $110,000 after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off.

US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at this writing.

The US president said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social:

The ongoing trade war sent shockwaves through crypto markets, wiping out hundreds of billions of dollars in value, a pattern that unfolded in April after Trump announced a sweeping tariff policy.

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