President Donald Trump has officially acknowledged that the United States is engaged in an ongoing trade conflict with China, following his recent announcement of a potential 100% tariff on all imports from China.
In response to inquiries from White House reporters about whether the US is gearing up for a prolonged trade battle with China, Trump stated, “Well, we’re in one now.” He elaborated that without tariffs, the US would be vulnerable and defenseless. He emphasized that these tariffs are crucial for safeguarding America’s national interests.
🚨 BREAKING: President Trump asserts that America is currently involved in a TRADE WAR with China
“We’re in one now!”
“We have 100% tariffs.”
“Without tariffs, we would lack defense. They’ve imposed tariffs on us.”pic.twitter.com/o360DtdsaQ
— Eric Daugherty (@EricLDaugh) October 15, 2025
A social media post by Trump last Friday regarding these proposed tariffs led to a significant downturn in the cryptocurrency market. Bitcoin’s value plummeted from approximately $121,560 to below $103,000 within just hours.
Related: $19B crypto market crash: Was it leverage or both?
The president indicated he would implement a 100% tariff on Chinese goods after Beijing intensified its export restrictions on rare earth minerals critical for manufacturing computer chips. Despite Trump’s latest remarks not causing any major selloff in markets—with Bitcoin rising by 0.1% over the past hour according to CoinGecko data—the impact was felt across various sectors.
Bessent criticizes China’s “disappointing actions”
Earlier this week, US Treasury Secretary Scott Bessent condemned China’s trade strategies and warned that their current approach could backfire if they do not relax their export controls:
“If certain members of the Chinese government aim to hinder global economic progress through unsatisfactory measures and economic pressure tactics, it will ultimately harm China’s economy more than anyone else’s — make no mistake: this is China against the world.”
Bessent further asserted that neither he nor allied nations will be dictated or manipulated by bureaucrats based in Beijing.
The impact of tariffs on Bitcoin mining
The imposition of Trump’s tariffs across several Asian nations has complicated matters for American miners seeking to acquire ASIC Bitcoin mining equipment. Currently set at 57.6% for machines originating from China and at 21.6% for those imported from Indonesia, Malaysia, and Thailand; these rates have significantly inflated costs compared to previous levels.
Additonally last year saw complications arise when US Customs and Border Protection confiscated thousands of Bitcoin miners under suspicions they were illegally imported radio frequency devices.
Despite facing such challenges however no prominent American Bitcoin mining firm has relocated its operations abroad as some industry experts had predicted.