On this fine day, April 11, 2025, the illustrious State Council Tariff Commission of China has graced us with a rather audacious proclamation: an increase in additional tariffs on imported US goods—from a modest 84% to a staggering 125%. Yes, you read that correctly! The new rate takes effect tomorrow, because why not? 🎉
The Unfazed Spectator in the US-China Trade War
Amidst the escalating tensions between these two titans of trade, the cryptocurrency market has decided to remain as calm as a cat in a sunbeam. Investors, it appears, are unfazed by the melodrama unfolding around them. 🐱
The crypto market capitalization is lounging around a comfortable $2.5 trillion, while Bitcoin’s price has managed to hold its head high above $81,000, recovering a sprightly 10% since April 9, when our dear Trump announced a 90-day tariff pause—excluding, of course, those pesky tariffs on China. Talk about selective amnesia! 🤔
According to the Chinese statement, this tariff hike is all in accordance with their Customs Law, Tariff Law, and Foreign Trade Law. They’ve reaffirmed their commitment to international rules, while accusing the US of engaging in a rather unbecoming display of “unilateral bullying.” Oh, the irony! 😏
In a rather bold declaration, China has warned that it will not respond to further tariff increases from the US, arguing that American goods have already lost their charm in the Chinese market at the current tariff level. It’s like saying, “We’re already not interested, so go ahead and raise those prices!”
“Given that US exports to China are no longer market-viable under the current tariff rate, China will not respond further if the US continues to raise tariffs on Chinese goods,” the statement said, with a flourish. 🎩
This tariff dispute is hardly a new affair. Since 2018, the US and China have been engaged in a tit-for-tat of retaliatory tariffs, affecting key sectors like agriculture, tech, and energy. It’s like watching a soap opera, but with more spreadsheets and fewer dramatic pauses.
The latest hike pushes tariffs to a record 125%. Economists, those ever-optimistic seers, warn that this could disrupt global supply chains, raise prices, and add pressure to inflation in both nations. But who needs stability when you can have chaos? 🤷♂️
Bitcoin miners are also feeling the pinch as the prices of mining machines surge. It’s a tough life, really.
China’s tariff hike sends a rather strong message about its tough stance in trade negotiations. While the crypto market remains stable for now, analysts are urging investors to keep their eyes peeled for any potential responses from the US. Because, let’s face it, this drama is far from over! 🍿
If no resolution is reached, the ongoing standoff could trigger a broader economic fallout. The world is now watching with bated breath to see whether this trade war will de-escalate or further entrench the divide between these two economic superpowers. Stay tuned, folks! 🎬
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2025-04-11 13:11