President defends 100% tariff threat as “national security” measure; Treasury Secretary Bessent warns Beijing’s policies will backfire
U.S. President Donald Trump confirmed late Wednesday that the United States is now in an active trade war with China, following his threat last week to impose a 100% tariff on all Chinese imports — a move that rattled global markets and triggered a temporary $19 billion crypto sell-off.
Asked by reporters whether Washington was preparing for a trade war, Trump replied:
“Well, we’re in one now.”
He defended the tariffs as a vital tool for economic and national security, saying:
“If we didn’t have tariffs, we would be exposed as being a nothing. We would have no defense.”
🚨 JUST IN: President Trump declares the United States is in a TRADE WAR with China
"We're in one now!"
"We have 100% tariffs."
"If we didn't have tariffs, we would have no defense. They've used tariffs on us."pic.twitter.com/o360DtdsaQ
The president’s comments come just days after his post on Truth Social sent markets into turmoil, with Bitcoin (BTC) briefly plunging from around $121,560 to below $103,000 before rebounding over the weekend.
Bessent: China’s “disappointing actions” will hurt its own economy
U.S. Treasury Secretary Scott Bessent also addressed the escalating tensions, accusing Beijing of undermining the global economy with its recent export restrictions on rare earth minerals — key components in semiconductors and other high-tech goods.
“If some in the Chinese government want to slow down the global economy through disappointing actions and economic coercion, the Chinese economy will be hurt the most,” Bessent said. “We and our allies will neither be commanded nor controlled by a group of bureaucrats in Beijing.”
Bessent emphasized that Washington and its partners remain “united” in response to China’s tightening export policies.
Tariffs squeeze U.S. Bitcoin miners
Trump’s tariffs have also impacted the U.S. Bitcoin mining industry, increasing the cost of importing ASIC mining machines from Asia. The current tariff rate sits at 57.6% for mining equipment sourced from China, and 21.6% for devices imported from Indonesia, Malaysia, and Thailand.
Last year, U.S. Customs and Border Protection seized thousands of mining rigs, mistakenly labeling them as illegal radio frequency devices — further complicating imports.
Despite rising costs, no major U.S. Bitcoin miner has yet shifted operations abroad, defying earlier analyst predictions of a large-scale relocation.
At press time, Bitcoin was up 0.1% in the past hour, according to CoinGecko, showing little immediate reaction to Trump’s latest remarks.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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