$BTC
The China-US trade war intensifies! China responds strongly, imposing tariffs starting March 10!
The China-US trade situation is tense again! On March 3, US time, the Trump administration announced a further 10% tariff on all goods imported from China under the pretext of fentanyl, raising the tariff to 20%. Not only that, Trump also confirmed a 25% tariff on goods from Mexico and Canada, causing a storm in the international trade market.
In response to the US's unilateral tariff increases, which undermine the multilateral trading system, increase the burden on American businesses and consumers, and damage the foundation of economic and trade cooperation between China and the US, China quickly made a response. The Tariff Commission of the State Council issued an announcement on the 4th stating that, with the approval of the State Council, starting from March 10, 2025, additional tariffs will be imposed on certain imported goods originating from the United States:
- 15% tariff: including chicken, wheat, corn, cotton.
- 10% tariff: covering sorghum, soybeans, pork, beef, seafood, fruits, vegetables, dairy products.
This tariff increase action is a decision made by China based on the "People's Republic of China Customs Law," "People's Republic of China Foreign Trade Law," and other laws and regulations, as well as the basic principles of international law, aiming to firmly protect its own rights and interests.
This tax increase measure has triggered a strong market reaction, with risk aversion sentiment spreading, affecting both the stock and cryptocurrency markets. As of the time of writing, the price of Bitcoin (BTC) is approximately $84,200, down 2% from the previous day. The global market is closely watching the subsequent developments of the China-US trade war, and what chain reactions this trade friction will bring to the world economy? We will wait and see.
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