US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at this writing.

The US president said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth social:

“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1, 2025, impose large-scale Export Controls on virtually every product they make.”

Source: Donald Trump

The ongoing trade war sent shockwaves through crypto markets, wiping out hundreds of billions of dollars in value, a pattern that unfolded in April after Trump announced a sweeping tariff policy.

This is a developing story, and further information will be added as it becomes available.