US President Donald Trump announced that he would impose 100% tariffs on imports from China and impose export controls on “all critical software” in response to China’s new export restrictions on rare earths. “Because China has taken this unprecedented step, I speak only on behalf of the United States: effective November 1, 2025 (or sooner, depending on any further steps China may take), the United States will impose 100% tariffs on China in addition to existing tariffs. On that same date, export controls will be imposed on all critical software,” Trump said on Truth Social. Trump's announcement came after China expanded export restrictions on rare earth elements. These elements are vital to global technology and manufacturing sectors, and China holds a large share of the global market in these fields. Trump has indicated that he is considering canceling a meeting with Chinese President Xi Jinping, scheduled to take place in South Korea in about three weeks. China has never officially confirmed the meeting. These statements marked the biggest diplomatic breach in four months and raised serious questions about whether the economic thaw between the world's two largest economies can continue. Related News: Bitcoin and Altcoins See Another Major Drop - Here's Why, Latest Data, and What You Need to Know! Cryptocurrency markets plummeted following Trump's statements. Bitcoin fell 8.09% to $107,561 in the last hour. Ethereum (ETH) fell 10.09% to $3,673, and Solana (SOL) fell 13.36% to $176.88. At its bottom, the BTC price fell to $102,000. Chart showing BTC price volatility. Dogecoin (DOGE) fell sharply by 29% to $0.1663. As the overall market continues to experience high volatility, the total cryptocurrency market capitalization has fallen to around $2.15 trillion. The XRP price has also fallen to $1.84 and is currently at $2 at the time of writing. *This is not investment advice. Continue Reading: Cryptocurrency Market Crashed! Bitcoin Hit $102,000, XRP and Dogecoin Suffered Massive Losses
