The crypto market has experienced a sharp decline after U.S. President Donald Trump announced a 100% tariff on Chinese goods, set to take effect on November 1, 2025.
This measure is a response to Beijing's export restrictions and has led to broad selling across digital assets, resulting in intensified market losses.
Trump stated that China had taken an "extraordinarily hostile" stance on trade by implementing new export controls, affecting nearly every product the country produces.
He described the decision as "unheard of in international trade" and "a moral disgrace" in dealings between nations, prompting the United States to retaliate with a 100% tariff on Chinese goods and export controls on critical software.
Author's summary: Trump's tariff announcement sparks crypto market decline.