In a sudden escalation of trade tensions between the U.S. and China, the Chinese government announced on April 9 that it will impose a dramatic increase in tariffs on U.S. imports, raising them from 34% to 84%.
Bitcoin experienced a sharp drop in value following the announcement, falling below the critical $76,000 mark.
This latest retaliatory move from China comes in response to recent actions by the U.S., which imposed 104% tariffs on Chinese goods on April 9 after announcing the move April 8.
While the U.S. government has argued that the tariffs are necessary to address unfair trade practices by China, the Chinese government’s decision to raise tariffs is aimed at leveling the playing field and protecting its domestic industries.
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