President Donald Trump declared Wednesday that the United States is already in an active trade war with China, doubling down on his recent threat to impose 100% tariffs on all Chinese imports.
🚨 JUST IN: President Trump declares the United States is in a TRADE WAR with China
— Eric Daugherty (@EricLDaugh) October 15, 2025
"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
“Well, we’re in one now,” Trump said in response to a reporter who asked whether the world’s two largest economies were heading for a prolonged conflict.
“If we didn’t have tariffs, we would be exposed as being a nothing — we would have no defense,” he added, describing tariffs as vital to national economic security.
The comments came just hours after Treasury Secretary Scott Bessent suggested the United States could extend its current pause on high duties for an additional three months, provided that Beijing shelves its plan for new export controls on rare earth minerals, materials critical for semiconductor and battery production.
“Is it possible to go to a longer roll in return? Perhaps. But all that’s going to be negotiated in the coming weeks,” Bessent said at a Washington press conference.
Markets and crypto respond
Trump’s renewed tariff threat last week had already rattled markets, sending Bitcoin (BTC) sharply lower. The cryptocurrency briefly plunged from around $121,560 to below $103,000 within hours after his post on social media warning of sweeping new duties.
Since Trump’s remarks on Wednesday, BTC prices have stabilized, rising about 0.1% over the past hour, according to CoinGecko data.
Bessent slams Beijing’s trade tactics
Treasury Secretary Bessent criticized China’s industrial and trade policies, warning that restrictions on critical minerals could backfire.
“If some in the Chinese government want to slow down the global economy through disappointing actions and economic coercion, the Chinese economy will be hurt the most,” he said. “This is China versus the world.”
Impact on US Bitcoin miners
Trump’s tariff regime has already strained the American Bitcoin mining industry. Import duties stand at 57.6% on China‑origin mining machines and 21.6% on equipment from countries such as Indonesia, Malaysia, and Thailand, significantly raising procurement costs.
Last year, US Customs and Border Protection also seized thousands of mining rigs on suspicion of violating radio‑frequency import rules, creating further challenges for domestic operators. Despite the higher costs and operational hurdles, major US mining firms have yet to relocate their activities overseas.
Looking ahead
The latest tensions come amid ongoing 90‑day truce agreements between Washington and Beijing, with the next expiration date in November. Officials on both sides have signaled they remain open to negotiations, but analysts warn that the confrontation over critical minerals could deepen the global trade divide.
Matvii Diadkov
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
