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Bitcoin Price Reacts Immediately as Trump Says Tariffs on China Won’t Stand

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US President Donald Trump just said that the tariffs that were supposed to be imposed on China as of November 1 won’t stand.

Bitcoin’s price reacted with an immediate uptick that pushed it from its multi-week bottom (on most exchanges) back to $106,000.

Recall the developments that took place last Friday when the POTUS threatened China with a new wave of tariffs, which were later made official with a starting date of November 1. Some Chinese products were supposed to be taxed at over 100%.

This political turmoil caused an immediate crash in the cryptocurrency markets. Bitcoin stood above $122,000 but crumbled below $117,000 within minutes, and then the cascading effect of billions of dollars in overleveraged positions drove it even further south to under $110,000 on most exchanges and all the way down to $101,000 on Binance.

Further reports on the matter revealed that this might have been one big misunderstanding between Beijing and Washington, and the tension between the two superpowers began to de-escalate.

Just minutes ago, Trump was asked whether the 100% tariffs on China will stand. He responded with a “No,” and added that “I think we will be fine with China.” Both countries’ presidents are supposed to meet in two weeks.

BTC’s price reacted with another instantaneous swing, this time to the upside. The asset had tumbled below $104,000 to mark a multi-month low (on most exchanges), but bounced to over $106,000 as of press time.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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