U.S. President Donald Trump said on Friday that the 100% tariffs on China will not stand, just a week after announcing them.
During an interview on FOX Business, the president said “No,” when asked if the tariffs would remain. He said that the U.S. and China “will be fine.”
Meanwhile, this announcement is coming just as the crypto market crashed today, with Bitcoin plunging to an intraday low of $105k amid global fear. Trump also confirmed he will meet Chinese President Xi Jinping in two weeks and that the two sides still aim for a fair deal.
This remark brought brief relief to traders as Bitcoin, the largest cryptocurrency in the world, bounced from below $105k to around $106k shortly after his statement. Currently, the token is trading for $106,686, according to CoinMarketCap.
Trump admitted the tariffs were unsustainable but maintained they were meant to push China toward fair trade terms. The quick reversal signals a softer tone in U.S.–China relations after days of tense headlines.
The market turmoil began last Friday when Trump first announced the 100% tariffs, resulting in the largest crypto liquidation in months. Nearly $19 billion in value vanished as Bitcoin dropped to around $104,000, according to a report from The Crypto Times.
According to Polymarket, there is now a 72% chance that Bitcoin could drop below $100,000 before the end of the year. Still, some see opportunity amid the chaos. For instance, BitMEX co-founder Arthur Hayes called Bitcoin “on sale,” encouraging traders to “buy the dip” if banking stress leads to new bailouts.
Also Read: Bitcoin Holding Companies Rise 40% in 3 Months: Bitwise
