US President Donald Trump announced tariffs for many countries, including China, at the beginning of April. Later, tariffs were suspended for countries other than China, and tensions with China increased.
As China retaliates to Trump’s tariff announcement, tariffs have reached unprecedented levels.
While the tariff tension between China and the US has a negative impact on Bitcoin and cryptocurrencies, it has been reported that negotiations are being held to end the tariff tension.
While news of tariff negotiations between the two countries supported the recovery in the cryptocurrency market, a surprising statement came from China.
According to Walter Bloomberg’s post, China denied ongoing trade talks with the US, calling the news ‘baseless’.
China’s Ministry of Commerce has denied reports of ongoing economic and trade negotiations with the United States.
According to a series of posts by Walter Bloomberg, the ministry stated that there were currently no negotiations between the two countries, describing claims to the contrary as “without any factual basis.”
If the US is serious about resolving trade tensions, it should start by removing all unilateral tariff measures imposed on China, the ministry added.
While these statements were coming from China, according to AND-based news agency USATODAY, Donald Trump said on April 23 that “everything is active” when reporters asked him if he was in communication with the Chinese leadership.
The statements from China affected Bitcoin and cryptocurrencies, albeit slightly. While BTC was above $93,000, it fell below $92,000 during the day. BTC, which recovered afterwards, continues to be traded at $92,470.
*This is not investment advice.
