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The United States continues its persistent tariff announcements, but the immediate effects on U.S. data remain unclear. We expect clearer results from these tariffs in the data set to be released in May. Although China’s recent statements suggest an end to the vicious cycle, the situation has not yet stabilized.
China, the U.S., and Cryptocurrencies
Amid the global trade war, the performance of cryptocurrencies captures our attention. The escalating tariff rates and the ongoing standoff between the two giants are putting pressure on risk markets, including cryptocurrencies. Meanwhile, Trump adopts an inconsistent stance, making statements that change by the hour.
The recently increased Chinese tariff rate of 245% has rendered direct trade between the two nations significantly impaired. Additionally, China’s latest move restricts the import of valuable minerals necessary for the production of key products, including the F35. Without a resolution, cryptocurrencies may face even larger losses.
“We will ignore the U.S.’s number games. If our interests are harmed, we will fight to the end.”
“China possesses a vast market and significant consumption potential, providing ample opportunities for importing high-quality products from other countries.”
“We are aware of the U.S.’s 245% rates.”
“I call on relevant departments and local governments to work on improving the business environment and to implement supportive measures.”
Yesterday, China discussed with Brazil the prospect of selling goods that the U.S. has refused to purchase. As Vietnam signs 45 various cooperation agreements, the UK Trade Minister announced plans to visit China this year. China appears more confident than ever, viewing the U.S. as a formidable opponent, with many countries and blocs, including the EU, questioning America’s reliability and considering closer ties with China.
