China calls the tariffs of the United States a "joke" – How does this rhetoric affect Bitcoin?

China will increase tariffs on imports from the United States to 125% starting from April 12, 2025. This move comes after the U.S. decision to raise tariffs on Chinese goods to a similar level. Beijing calls the U.S. action a violation of trade rules and economic norms. China reacts to the increase in tariffs from the United States The Customs Committee of the State Council announced the tariff increase today, April 11. The new tariff will replace the previous rate of 84% set in March. This decision was made following the announcement on April 10 by the United States government regarding the increase in tariffs on Chinese exports to 125% under the "reciprocal tariff" plan. China's new tariffs will apply to many imported goods from the United States. The committee stated that U.S. products are not viable in the Chinese market at the current tariff levels. "Due to the lack of market acceptance of U.S. goods at this level, China will ignore the next moves of the United States," the statement said. The new measures are based on China's Customs Tariff Law, Customs Law, and Foreign Trade Law, along with the principles of international law. In addition to increasing taxes, the committee stated that all terms outlined in previous notices will continue to apply. Previous measures include a list of affected products and the tax schedule. Ministry of Finance: The U.S. tariff strategy is "A joke" Meanwhile, the Chinese Ministry of Finance condemned the latest actions of the United States. "Even if the United States continues to impose higher tariffs, it will no longer make economic sense and will become a laughingstock in the history of the world economy," the Ministry stated. "However, if the United States continues to significantly infringe upon China's interests, China will resolutely retaliate and fight to the end," the statement said. The tariff policy of the United States and global reactions At the beginning of this month, the United States implemented a series of "reciprocal" tariffs. While many countries were granted a 90-day delay in the application of tariffs, China was clearly denied this delay. In a social media post, President Trump accused China of "disrespecting" the global market and announced an immediate tax increase of 125%. In Europe, German Finance Minister Joerg Kukies stated that the EU could consider its response if negotiations with the United States fail. He urged the EU to adopt a nuanced approach, taking into account Europe's goods trade surplus and services deficit. He also called for strengthening Europe's digital services to reduce dependence on US providers. The cryptocurrency market is trading sideways. This rapid escalation in US-China trade tensions has immediately impacted the cryptocurrency market, generating significant volatility. For example, Bitcoin fell below $74,000 before rebounding to around $81,500. At the same time, Ethereum traded lower, dropping more than 2% in 24 hours to nearly $1,548. Analysts believe that this decline is due to investors' concerns about the global economic downturn and rising inflation caused by the trade war. Although the immediate impact is negative, some market watchers believe that cryptocurrencies like Bitcoin could attract attention in the long run. They believe that Bitcoin could serve as a hedge against economic instability, especially if geopolitical tensions continue.