Trump says 100% China tariffs unsustainable as crypto prices and U.S. markets fall amid renewed trade tensions.

source egrag crypto

**Trump Admits 100% Tariffs on Chinese Goods Cannot Last Long Amid Rising Trade Tensions**

A week of financial turbulence deepened on Friday as U.S. President Donald Trump acknowledged that his proposed 100% tariffs on Chinese goods are “not sustainable” in the long run. His admission came amid steep declines in global markets, including major cryptocurrencies, as uncertainty grew over U.S.-China trade relations and new export restrictions.

### Trump Plans to Meet Xi to Ease Tensions

Despite the escalating trade conflict, Trump confirmed plans to meet Chinese President Xi Jinping in South Korea to discuss ways to ease the ongoing tariff disputes. Speaking ahead of the meeting, Trump struck a somewhat softer tone, saying, “China wants to talk, and we like talking to China.”

### Trump Acknowledges Tariff Strain but Blames Beijing

During an interview on Fox Business Network, Trump reiterated that the 100% tariff plan on Chinese imports would not last indefinitely. However, he insisted that Beijing’s trade practices left him with “no choice.” He stated, “They forced me to do that,” referencing China’s recent decision to tighten export controls on rare earth materials critical to technology manufacturing.

This tariff announcement followed Washington’s reinstatement of steep import levies and the imposition of new export restrictions on “critical software.” These measures are set to take effect by November 1, just nine days before existing tariff relief expires.

Trump emphasized U.S. intentions for fair trade, declaring, “We have to have a fair deal. It’s got to be fair.”

### Markets React as Talks Continue

The sharp escalation in tariffs triggered widespread selloffs across global markets. Early losses in U.S. stocks were partially eased after Trump’s confirmation of the upcoming meeting with Xi Jinping, which helped stabilize Wall Street. However, traders remained cautious amidst ongoing volatility tied to tariff concerns and pressures on regional banks.

Meanwhile, the cryptocurrency market experienced a significant downturn. Major tokens such as Bitcoin and Ethereum saw sharp declines as investors moved away from riskier assets. Analysts linked this drop to the rising global uncertainty and renewed trade confrontations between Washington and Beijing.

### U.S. and China Officials Hold Preliminary Talks

On Friday evening, U.S. Treasury Secretary Scott Bessent held “frank and detailed discussions” with Chinese Vice Premier He Lifeng. Both officials agreed to meet in person next week to continue negotiations. During the call, Bessent reiterated concerns about China’s “state-driven” economic model, pointing out its role in creating overcapacity and distorting global markets.

In response, China’s Commerce Ministry accused Washington of “undermining the rules-based multilateral trading system.” The ministry urged the U.S. to withdraw measures it claimed violated World Trade Organization (WTO) standards and to align its policies with global trade rules.

Relations between the two countries have been tense since early October, following China’s expansion of restrictions on rare earth exports.

### Global Trade Leaders Urge De-escalation

World Trade Organization Director-General Ngozi Okonjo-Iweala called on both nations to ease their trade confrontation, warning that a prolonged decoupling of the world’s two largest economies could reduce global output by as much as 7%.

The WTO is actively engaging with both governments to promote open dialogue and prevent further escalation.

As the planned Trump-Xi meeting in South Korea approaches, the outcome is expected to set the tone for the next phase of negotiations, with hopes of stabilizing trade relations and easing market uncertainties.
https://coincentral.com/trump-says-100-china-tariffs-unsustainable-as-crypto-prices-and-u-s-markets-fall-amid-renewed-trade-tensions/

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