The new measures by the United States to impose tariffs on Chinese imported goods took effect on Tuesday (4th), and China will also implement new policies in response. The Customs Tariff Commission of the State Council of China announced today that it will impose tariffs of 10% to 15% on certain 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 pickup trucks.
In the announcement issued today, the Customs Tariff Commission 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 help solve its own problems but also disrupts normal economic and trade cooperation between the United States and China.
On February 1, US President Donald Trump signed an executive order announcing the imposition of an additional 25% tariff on imported goods from Canada and Mexico, and an additional 10% tariff on imported goods from China, in an effort to address illegal immigration and drug issues. Although Trump has confirmed today that the US measures to impose tariffs on Canada and Mexico will be delayed, he did not mention China.
The new US tariff measures have caused significant fluctuations in the traditional financial and cryptocurrency markets. Bitcoin (BTC) has fallen from about $100,000 to around $91,000 in the past three days. Ethereum (ETH) and other altcoins have experienced even greater declines. After the US announced the delay in imposing tariffs on Canada and Mexico, the cryptocurrency market rebounded significantly, with Bitcoin briefly returning to $100,000 and Ethereum rebounding to $2,900.
Andrew Kang, founder and partner of cryptocurrency venture capital firm Mechanism Capital, believes that Ethereum faces resistance levels in the range of $2,900 to $3,000, which will limit its upside in the short term. He also believes that if a trade war between China and the United States occurs, the price of Ethereum will return to $2,200 to $2,400.
As of the time of publication of this article, the BTC trading price is $99,045, and the ETH price is $2,715.
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