Posting on his Truth Social account, Trump accused Beijing of taking an “extraordinarily aggressive position on trade,” claiming China had notified other nations of plans to impose sweeping export controls on nearly all products it produces – a move he called “a moral disgrace in international trade.”

The President said the U.S. response would be immediate and severe. “Starting November 1, the United States of America will impose a Tariff of 100% on China, over and above any tariff that they are currently paying,” he declared. Trump also announced export controls on all critical software, a measure aimed at restricting Chinese access to U.S. technology.

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The announcement sent shockwaves through financial markets. Bitcoin briefly plunged below $110,000, wiping out billions in value within minutes before recovering slightly. Ethereum fell back under $4,000, while major altcoins such as Solana and XRP suffered double-digit declines. Analysts attributed the crash to sudden risk-off sentiment, as traders rushed out of speculative assets amid fears of a prolonged U.S.-China trade war.

Crypto liquidation data showed one of the largest one-hour wipeouts of the quarter, with hundreds of millions in leveraged positions erased across exchanges. Market analysts noted similarities to the volatility seen during past macro-driven sell-offs tied to global policy shocks.

Economists warned that Trump’s tariff escalation could spark a new wave of inflationary pressures, disrupt tech supply chains, and further destabilize investor confidence worldwide. “This level of economic brinkmanship instantly rattles markets – from equities to digital assets,” said one analyst.

The coming weeks are expected to test investor sentiment across all asset classes as both Washington and Beijing prepare for a potential showdown that could reshape global trade – and the crypto landscape – for months to come.

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