As global trade tensions escalate, both traditional and digital markets are taking a hit. With the White House doubling down on tariffs against China, investors are bracing for what could be a turbulent economic stretch.
Trump Escalates Trade War — Tariffs on China Now at 104%
U.S. markets struggled again on Tuesday as President Donald Trump ramped up pressure on China, confirming through the White House that tariffs would be increased to a staggering 104%.
The move, announced via CNBC on April 8, followed China’s refusal to roll back retaliatory measures. What was originally a 34% tariff hike turned into a 50% addition, with Trump making it clear he’s not backing down.
“Countries like China, who have chosen to retaliate and try to double down on their mistreatment of American workers, are making a mistake,” said White House Press Secretary Karoline Leavitt. “President Trump has a spine of steel, and he will not break.”
Markets Slide — Crypto Joins the Downturn
By the close of trading on Tuesday:
- Nasdaq was down more than 2%
- S&P 500 and Dow Jones slipped over 1%
- Bitcoin fell 3.15%, continuing its downward trend alongside traditional assets
Investors are increasingly nervous that Trump’s aggressive tariff policy may push the U.S. economy toward a recession and damage global alliances. While Trump insists this strategy will restore American manufacturing and reduce foreign dependence, critics worry the economic cost may outweigh the benefits.
“I don’t want anything to go down,” Trump told reporters aboard Air Force One,“but sometimes you have to take medicine to fix something.”
Binance CEO: Crypto Could Thrive Long-Term
Despite the volatility, Binance CEO Richard Teng believes the moment could ultimately benefit crypto.
“Looking further ahead, this environment could also accelerate interest in crypto as a non-sovereign store of value,” Teng posted on X Tuesday. “Many long-term holders continue to view Bitcoin and other digital assets as resilient during periods of economic stress and shifting policy dynamics.”
As trade tensions heighten and markets wobble, crypto may find itself once again in the spotlight—not just as a speculative asset, but as a hedge against traditional financial instability.
