U.S. President Trump has officially confirmed that the United States is in a fierce trade war with China, having threatened last week to impose a 100% tariff on all Chinese imports.

"We are indeed in a trade war now," Trump said in response to a White House reporter's question about whether the U.S. is preparing for a "prolonged trade war" with China. Trump explained, "If we didn't have tariffs, we would be defenseless, completely exposed." He emphasized that tariffs are an important defensive measure for U.S. national security.

🚨 JUST IN: President Trump declares the United States is in a TRADE WAR with China "We're in one now!" "We have 100% tariffs." "If we didn't have tariffs, we would have no defense. They've used tariffs on us." pic.twitter.com/o360DtdsaQ

Trump's tariff threat posted on social media last Friday triggered a significant drop in the crypto market, with Bitcoin (BTC) plummeting from about $121,560 to below $103,000 in just a few hours. Trump stated that he would impose a 100% tariff on China after it tightened export controls on key materials for producing computer chips, namely rare earth minerals. According to CoinGecko data, Trump's latest remarks did not trigger a significant market sell-off, with BTC slightly rising by 0.1% in the past hour.

U.S. Treasury Secretary Scott Bessent criticized China's trade strategy earlier on Wednesday, pointing out that if China does not relax its export controls, its actions will backfire:

Bessent added, "We and our allies will never be directed or controlled by a group of bureaucrats in Beijing."

However, the tariffs imposed by Trump on several Asian countries have made it more difficult for U.S. mining companies to purchase ASIC BTC mining machines. Currently, tariffs on mining machines originating from China are as high as 57.6%, while those from Indonesia, Malaysia, and Thailand face a tariff of 21.6%, significantly increasing the purchasing costs compared to before. Last year, BTC miners also faced issues with U.S. Customs and Border Protection, which seized thousands of BTC mining machines, mistakenly believing they were illegally imported radio frequency devices. Despite these challenges, contrary to the expectations of some industry analysts, there are currently no large U.S. BTC mining companies relocating their operations overseas.

Related: U.S. Congressman seeks to turn Trump's 401(k) cryptocurrency executive order into law

Original article: “Trump Confirms U.S. is in a Trade War with China”

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