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By James Van Straten|Edited by Parikshit Mishra
Apr 9, 2025, 11:27 a.m.
- China raises tariffs on all U.S. imports from 34% to 84%, matching the U.S.’s latest move.
- Bitcoin drops below $76,000 as markets react to fears of prolonged trade conflict.
In a dramatic escalation of trade tensions, China has announced an 84% tariff on all imports from the United States, effective from April 10, 2025, according to the Ministry of Finance of the People’s Republic of China.
The move comes in direct response to the U.S. increasing its own tariffs on Chinese exports from 34% to 84% just a day earlier.
STORY CONTINUES BELOW
The State Council Tariff Commission, under China’s finance ministry, described the U.S. actions as “unilateralism” and “economic bullying,” accusing Washington of violating international trade rules and undermining global economic stability.
Citing national laws and international principles, China emphasized its legal basis for the retaliation, urging the U.S. to cancel what it called “wrong practices” and return to the negotiation table.
This tariff war marks a new low in U.S.-China trade relations, with both sides now imposing near-prohibitive tariffs on each other’s goods. Global markets reacted swiftly to the news — Bitcoin (BTC), often seen as a hedge against geopolitical turmoil, briefly fell below $76,000.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
