The new measures implemented by the United States to impose tariffs on Chinese imports took effect on Tuesday (4th), and China will also implement new countermeasures. The Tariff and Tax Committee of the State Council of China announced today that it will impose tariffs of 10% to 15% on some imported goods from the United States starting from February 10, 2025. The goods involved include coal, natural gas, crude oil, agricultural machinery, high-displacement vehicles, and pick-up trucks.
In the announcement released today, the Tariff and Tax Committee of China stated that the unilateral imposition of tariffs by the United States seriously violates the rules of the World Trade Organization, which not only does not benefit the resolution of its own problems but also undermines normal economic and trade cooperation between the United States and China.
On February 1, US President Donald Trump signed an executive order announcing that starting from February 4, additional tariffs of 25% will be imposed on imported goods from Canada and Mexico, and additional tariffs of 10% will be imposed on imported goods from China. This move aims to address illegal immigration and drug issues. Although Trump confirmed today that the US measures to impose tariffs on Canada and Mexico will be delayed, he did not mention China.
The new tariff measures in the United States have caused significant fluctuations in both traditional financial and cryptocurrency markets. Bitcoin (BTC) has dropped from around $100,000 to about $91,000 in the past three days. Ether (ETH) and other altcoins have experienced even larger declines. After the US announced the postponement of tariffs on Canada and Mexico, the cryptocurrency market rebounded significantly, with Bitcoin briefly reaching $100,000 and Ether rebounding to $2,900.
Andrew Kang, the founder and partner of Mechanism Capital, a cryptocurrency venture capital company, believes that there is resistance for Ether in the range of $2,900 to $3,000, which will limit its upward potential in the short term. He also believes that if a trade war between China and the US occurs, the price of Ether will return to $2,200 to $2,400.
At the time of publishing this article, the BTC trading price was $99,045 and the ETH price was $2,715.
