Rising US-China Trade Conflict: Response of Bitcoin, Stocks, Gold to the Threat of 245% Tariff

The US and China's escalating trade conflict has resulted in immediate volatility in financial markets, with stock futures dipping, gold prices surging, and Bitcoin remaining stable. This follows a threat from the White House to hike tariffs on Beijing from 145% to 245%.

The threat came on the heels of Trump approving an investigation into national security risks from the US's dependence on imported, processed critical minerals. Despite reporting stronger than expected Q1 economic growth, China warned this trade war could harm both domestic and global economies.

Gold prices hit a new all-time high of over $3,300/oz, while the Dow and S&P 500 saw drops of 1% and 1.4% respectively. Bitcoin, meanwhile, has maintained a steady level around $84,000.