China Tariffs Increased to 145%, Up From 125%; Extra 20% is Response to Fentanyl

The trade war between the US and China keeps heating up.

The White House announced late Thursday that tariffs on China were now hitting 145% up from 125%. The additional 20% tariffs are due to the country’s complicity in the fentanyl crisis badly affecting many parts of North America. Additionally, Treasury Secretary, Scott Bessent, recently noted that de-listing Chinese stocks was a possibility, although he reaffirmed his confidence that President Trump and China’s President Xi would be able to work things out.

The question of how this legacy market whipsaw action will affect crypto is still playing out before our eyes. Bitcoin has recovered slightly from its local low early in the week, but the rest of the market is still in carnage. If Bitcoin can recover from here and show some of the strength seen in legacy markets today, we will have likely seen a local bottom.