Bitcoin Takes a Nosedive as US Slaps China with 104% Tariff 🚨📉

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Ah, the world of international trade, where tariffs are tossed about like confetti at a particularly rowdy wedding. The White House Press Secretary, in a move that can only be described as “bold” (or perhaps “baffling”), announced that a 104% additional tariff has been imposed on China. Why? Because China, in a shocking twist, did not remove its retaliation. Quelle surprise! 🎭

This news, as one might expect, sent the crypto market into a tailspin. Bitcoin, that digital darling of the financial world, took a 5% tumble, hitting a low of $76,811. The total crypto market cap, not to be outdone, dipped by 1.66%, now sitting at a mere $2.44 trillion. Trillions, I tell you! 💸

Edward Lawrence, a White House correspondent for FOX Business, shared this gem of information on X (formerly known as Twitter, for those of you still catching up). According to Edward, the additional tariff will be collected starting April 9. Because nothing says “Happy Spring” like a 104% tariff hike. 🌸

White House Press Secretary says 104% additional tariffs went into effect at noon eastern time because China has not removed it’s retaliation. The 104% additional tariff will be collected starting tomorrow April 9th. #trade #Tariffs #POTUS #china

— Edward Lawrence (@EdwardLawrence) April 8, 2025

Edward, ever the wordsmith, clarified: “Being more clear: When the tariffs go into effect at 12:01a April 9th. China will see an additional 104% added to imports. China missed its 12p Eastern Time deadline to remove retaliation tariffs set by President Trump.” Missed deadlines, eh? Sounds like my college days. 🕒

China’s Commerce Ministry, not one to take this lying down, responded with the kind of diplomatic finesse one might expect from a country just hit with a 104% tariff. They called the US threat a “mistake on top of the mistake,” revealing their “blackmailing tactics.” Strong words, indeed. 🗣️

The ongoing trade war is, unsurprisingly, wreaking havoc on the crypto market. Bitcoin, at the time of writing, is trading at $77,075, with an intraday drop of almost 3%. Ethereum, that other crypto heavyweight, is down by 6% and has fallen 24% over the past week, currently trading at $1,479. It’s a bloodbath out there, folks. 🩸

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2025-04-08 21:31