China’s New Tax Policy Sparks Global Market Uncertainty

China’s recent implementation of a 34% customs duty on goods imported from the United States has sent shockwaves through global markets, causing major volatility in the cryptocurrency sector. The move, seen as retaliation for U.S. tax hikes on Chinese imports, triggered concerns about an escalating trade war, leading to sharp declines in cryptocurrencies like Bitcoin (BTC). The announcement reignited fears of a broader economic conflict, impacting investor sentiment and further disrupting global markets.