Asked by reporters whether the US is preparing for a trade war with China, US President Donald Trump responded: “Well, we’re in one now.”
US President Donald Trump has confirmed the US is in an active trade war with China after threatening a 100% tariff on all Chinese imports last week.
“Well, we’re in one now,” Trump said after being asked by White House reporters whether the US is preparing for a “sustained trade war with China.”
”If we didn’t have tariffs, we would be exposed as being a nothing, we would have no defense,” Trump explained, calling the tariffs an important measure for America’s national security.
A social media post from Trump last Friday threatening the tariffs sparked a crypto market crash that saw Bitcoin (BTC) fall from around $121,560 to below $103,000 over several hours.
Related: $19B crypto market crash: Was it leverage, China tariffs or both?
Trump said he would impose a 100% tariff on China after China tightened its export controls on rare earth minerals that are essential for building computer chips.
Trump’s latest comments haven’t triggered a significant market selloff, with Bitcoin up 0.1% over the last hour, CoinGecko data shows.
Read more
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
If you want to read more News articles, you can visit our General category.
