Bitcoin extends losses after Trump threatens fresh tariffs and export curbs
Investing.com -- Bitcoin price extended losses on Saturday, slipping another 2.3% after a sharp selloff in tech equities and risk assets as U.S.-China trade tensions escalated dramatically.
President Donald Trump announced late Friday that the United States would impose new tariffs of 100% on all Chinese imports beginning Nov. 1, on top of an effective tariff rate, which analysts said already stands at 40%.
Trump also said Washington would enforce export controls on “any and all critical software” on the same date, marking one of the most sweeping trade escalations since the start of the U.S.-China tariff conflict.
The move followed Beijing’s decision to tighten export restrictions on rare earth minerals, a crucial input for the automotive, semiconductor and defense industries.
China controls around 70% of global rare earth supply, making it a critical chokepoint in tech supply chains.
Trump said China had taken an “extraordinarily aggressive” stance and hinted he may cancel a planned meeting with President Xi Jinping at the upcoming APEC summit in South Korea.
Stocks tumble as traders position for further escalation
Financial markets reacted swiftly. U.S. equities reversed early gains and accelerated lower into the close on Friday, with the Dow Jones Industrial Average ending down 1.9% and the S&P 500 losing 2.71%, its steepest one-day drop since April 10.
The NASDAQ Composite, which had hit a record intraday high earlier in the session, finished down 3.56% as tech shares bore the brunt of the selloff.
