US President Donald Trump has officially confirmed that the United States is currently engaged in a trade war with China, following his recent threat to impose a 100% tariff on all Chinese imports.
“Well, we’re in one now,” Trump told reporters at the White House when asked whether the country was preparing for a prolonged economic conflict with Beijing.
Trump defended the move, explaining that tariffs serve as a vital tool for protecting America’s economic and national interests. “Without tariffs, we’d have no shield, no leverage — we’d be seen as powerless,” he said.
The confirmation came days after Trump’s post on social media about new tariffs triggered a sharp reaction across global markets. Bitcoin plunged from roughly $121,560 to below $103,000 within hours following the announcement.
The US President’s remarks came after China introduced tighter restrictions on the export of rare earth elements — materials essential for producing semiconductors and high-tech devices. In response, Trump warned he would respond with a 100% tariff on Chinese goods.
Despite the tense rhetoric, markets appeared relatively calm this time, with Bitcoin slightly up 0.1% in the last hour, according to CoinGecko data.
Bessent Criticizes China’s “Economic Coercion”
US Treasury Secretary Scott Bessent also weighed in, accusing China of using “disappointing and harmful” trade tactics. He warned that Beijing’s approach could ultimately damage its own economy.
“If elements within the Chinese government are intent on slowing down global growth through coercive economic actions, it’s China that will suffer the most,” Bessent said. “Make no mistake — this is China versus the world.”
He further emphasized that the United States and its allies “will not be dictated to by bureaucrats in Beijing.”
Impact on Bitcoin Mining
Trump’s tariffs on Asian nations have also created new challenges for the Bitcoin mining sector in the US. Importing ASIC mining machines from Asia has become notably more expensive, with current tariffs reaching 57.6% on China-origin miners and 21.6% on imports from Indonesia, Malaysia, and Thailand.
Last year, several shipments of mining equipment were seized by US Customs under suspicions of illegal radio frequency imports — adding further difficulties for miners.
Despite these obstacles, major American Bitcoin mining companies have not relocated their operations abroad, contrary to earlier predictions from some industry observers.
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