Trump Doubles Tariffs on China, Bitcoin Plummets Amidst Trade Tensions

U.S. President Donald Trump took a decisive action against China on Friday, escalating trade tensions by doubling tariffs on aluminum and steel imports from the country. Trump cited alleged violations of the trade deal as justification for this significant move. The resulting tariffs now stand at 50%, significantly impacting Chinese suppliers of these materials. This escalation has rippled through the crypto market, with Bitcoin ($BTC) experiencing a notable drop from $112K to $103K in recent days. Experts anticipate that the trade war will have lasting consequences on both markets.