Catenaa, Friday, October 24, 2025-President Donald Trump announced a 155% tariff on Chinese imports Monday in Washington during talks with Australian Prime Minister Anthony Albanese, pressing Beijing to secure a new trade deal by November 1.
The levy, added to an existing 55% duty, follows Trump’s return to office and a separate export restriction on advanced software, also effective November 1.
The announcement coincided with an $8.5 billion critical minerals pact with Australia, aiming to reduce China’s near-monopoly on rare earth materials and support defense and electric vehicle supply chains.
Both nations will contribute $1 billion over the next six months to fund joint processing and investment projects.
Financial markets reacted sharply to the combined measures. Over $329 million in crypto positions were liquidated in 24 hours, with Bitcoin losing $91.5 million and Ethereum $86.2 million.
Bitcoin prices fell to approximately $107,800, while Ethereum dropped below $3,900. Stock markets also experienced rapid declines.
Trump indicated confidence in reaching an agreement and plans to meet Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation summit in South Korea later this month.
Treasury Secretary Scott Bessent anticipates additional preliminary discussions before the summit.
Analysts caution that failed negotiations could destabilize global stock markets and push up consumer prices. Supply chains for Bitcoin mining equipment, often sourced from China, could be disrupted by higher tariffs, raising costs for miners worldwide.
The dual actions highlight ongoing tensions between the U.S. and China as both nations maneuver for leverage in trade and strategic resources.
The US move pressures China on trade while securing mineral resources with Australia, triggering sharp declines in crypto and equity markets.
