China imposes 34% duty on all US goods. Bitcoin falls to $83,000
China announced retaliatory tariffs on all goods, adding to investors' risk appetite during European trading hours.
Author: Omkar Godbole | Edited by: Oliver Knight Updated: Apr 4, 2025 11:18 AM Published: Apr 4, 2025 10:40 AM
Key points:
- China has imposed retaliatory tariffs on all goods, which has worsened investors' risk appetite in European trade.
- Bitcoin price has fallen by $1,600 to reach $83,000 after an initial rally, while other cryptocurrencies have also lost their initial gains.
- S&P 500 and Nasdaq futures fell more than 2% as global trade tensions escalated.
Risk sentiment worsened in European trade on Friday after China announced retaliatory tariffs on all goods in response to Trump's decision on Wednesday to raise overall tariffs on Chinese goods to 54%.
Bitcoin, the leading cryptocurrency by market cap, fell $1,600 to $83,000, erasing an early rally to $84,600, according to CoinDesk. Other tokens like XRP, ETH, SOL, and DOGE also pulled back from their early gains and were largely flat throughout the day.
Meanwhile, S&P 500 and Nasdaq futures fell more than 2% amid escalating global trade tensions.
“China's response is not only bad for the U.S. but also for the global outlook,” ForexLive analyst Justin Lowe said in his market report.
