Trade War Escalation Weighs on Risk Assets, Including Crypto
The ongoing trade war is intensifying, creating fresh challenges for risk assets such as stocks and cryptocurrencies.
Key Developments:
China has retaliated against the U.S. by imposing a 15% tariff on wheat, corn, cotton, and chicken imports, along with an additional 10% duty on sorghum, soybeans, pork, beef, seafood, and various fruits and vegetables. These measures are set to take effect on March 10.
This response follows President Donald Trump’s decision on Monday to double tariffs on Chinese imports to 20%. Additionally, Trump confirmed that a 25% tariff on goods from Mexico and Canada would be implemented on Tuesday, adding further pressure on global markets.
The heightened trade tensions have triggered a broad risk-off sentiment. As of now, Bitcoin (BTC) is trading near $84,200, down 2% for the day, according to data from CoinDesk and TradingView.
