Bitcoin (BTC) and Nasdaq futures came under fresh selling pressure during Tuesday’s Asia trading hours as China retaliated with new tariffs on U.S. goods, following President Donald Trump’s latest 10% tariff implementation.
In addition to imposing the tariffs, China launched an antitrust investigation into Google and added clothing company PVH Corp and biotech firm Illumina to its list of unreliable entities.
Beijing imposed a 15% tariff on U.S. coal and LNG, along with a 10% duty on crude oil, agricultural machinery, pickup trucks, and large-engine cars. This escalation followed Trump’s new tariffs on Chinese goods that took effect recently.
Earlier this week, Trump had temporarily eased tensions by agreeing to a 30-day pause on his tariff threats against Mexico and Canada, which had provided some relief to Bitcoin. As a result, BTC saw a significant recovery, rising from around $92,000 to over $102,000 amid hopes that the trade conflict would soon subside.
However, China’s latest move has undermined that recovery, pushing Bitcoin back down to $98,500 at the time of writing. Nasdaq futures are also showing a 0.6% decline, while the U.S. dollar index has drawn increased demand as investors seek safe-haven assets.
