Cryptocurrency markets are experiencing a sharp decline following the escalation of US-China trade tensions. The White House has confirmed a significant tariff increase, with all goods from China now facing a new 104% tax, effective April 9th at 12:01 AM EST. This announcement follows a failed attempt by China to appease Donald Trump’s demands. After failing to meet his ultimatum for a rollback of retaliatory tariffs on US goods, Trump has imposed the additional 50% tariff hike, leading to significant drops in Bitcoin and Ethereum prices. Market experts are concerned about the broader economic impact of these unprecedented tariffs, which could further dampen global growth and potentially harm cryptocurrency markets.