U.S. President Donald Trump said tariffs on China could rise to 155% if both countries fail to reach a trade deal by November 1.
He made the statement during a lunch with Australia’s prime minister, saying he hopes to strike a fair deal with China’s President Xi Jinping. The two leaders are expected to meet on October 31 in Asia, one day before the current 100% tariff plan is set to take effect.
Trump said he believes China has been “respectful” toward the United States but warned that the country could face more pressure if no deal is made. He hinted that “other things including airplanes” could also be targeted.
Despite the warning, Trump said he feels optimistic that an agreement will happen soon. The president added that China is in “big trouble” if it fails to do business with the U.S.
The comment came just days after Trump said the 100% tariffs might not stand. Earlier, he accused China of being “hostile” and announced the original tariffs to protect American interests. He also confirmed that tariffs on India will remain until the country stops buying Russian oil.
Notably, the ongoing trade tension has rattled the crypto market. Bitcoin dropped from about $111,000 after Trump’s latest threat, slipping to around $110,349 later in the day.
BTC Price action | Source: CoinMarketCap
Last week, the world’s biggest cryptocurrency fell as low as $104,000 when trade worries grew, despite trump saying the high tariffs on China “will not stand,”
Meanwhile, onchain data from Lookonchain revealed that a whale called the “Trump Insider Whale” is shorting Bitcoin with a $121.5 million position on Hyperliquid. Analysts say miners and longtime holders are also selling amid weak market sentiment.
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