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April 11, 2025

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China has sharply escalated its trade confrontation with the United States, raising tariffs on American goods to 125% from 84% in response to President Donald Trump’s reciprocal duties.

The announcement, made on Friday by the Customs Tariff Commission of the State Council, marks a new peak in the tit-for-tat trade battle that has battered global markets and dampened hopes for a negotiated resolution.

“Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” the Chinese statement read, according to a CNBC translation.

Officials in Beijing also declared that with tariffs at such levels, there is effectively no longer a market for US imports into China.

They warned that further US actions would be ignored entirely.

The Trump administration confirmed a day earlier that US tariffs on Chinese imports now amount to an effective rate of 145%, further intensifying the standoff.

“There are no winners in a trade war, and going against the world will only lead to self-isolation,” Xi told Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV.

China brands US measures as economic bullying

Separately, China’s Ministry of Commerce issued a strongly worded condemnation of Washington’s approach, describing US tariff actions as “typical unilateral bullying” and a serious breach of World Trade Organization (WTO) rules.

Beijing said it had lodged a fresh complaint with the WTO over the latest round of US tariff hikes.

“We urge the US to immediately correct its wrong practices and cancel all unilateral tariff measures against China,” a ministry spokesperson said, underscoring Beijing’s hardening stance.

Chinese officials have repeatedly accused the Trump administration of escalating tensions for domestic political gain.

“The successive imposition of excessively high tariffs on China by the US has become nothing more than a numbers game, with no real economic significance,” a spokesperson for China’s Commerce Ministry said in a statement Friday.

Hopes for resolution fade as both China, US dig in their heels

The prospect of a breakthrough in US-China trade talks has all but evaporated, as both sides dig in for what increasingly looks like a prolonged economic conflict.

“It’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system,” US Treasury Secretary Scott Bessent said in an interview with Fox Business.

He criticised Beijing’s stance and argued that China’s economic structure remains dangerously imbalanced.

Beijing, meanwhile, has made clear it will not back down. According to Reuters, China’s commerce minister reaffirmed the country’s determination to defend its interests with “resolute countermeasures.”

European markets give up morning gains

The latest escalation rattled European markets, wiping out early gains.

The FTSE 100 slipped 0.048%, the Stoxx 600 fell 0.51%, Germany’s DAX dropped 0.61%, and France’s CAC 40 lost 0.45% in morning trading.

Investment bank Goldman Sachs on Thursday cut its forecast for China’s 2025 GDP growth to 4%, citing the drag from trade tensions and softer global demand.

Although exports to the US account for just around 3% of China’s GDP, Goldman analysts estimate that between 10 million and 20 million Chinese jobs are linked to these shipments, highlighting the broader economic risks.

As the rhetoric sharpens and retaliatory measures mount, the world’s two largest economies appear locked in an increasingly bitter standoff with no clear off-ramp in sight.

The post China strikes back with 125% tariffs on US imports amid deepening trade war appeared first on Invezz

Here’s a quick recap of the crypto landscape for Wednesday (April 9) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) was priced at US$82,060.13 and up 7.2 percent in 24 hours. The day’s range has seen a low of US$76,842.48 and a high of US$82,665.31.

Bitcoin performance, April 9, 2025.

Chart via TradingView.

Bitcoin is back to trading near levels seen earlier in the week following an announcement from the White House that tariffs against most countries will be paused for 90 days, after which reciprocal tariffs will be lowered to 10 percent. China is an exception — tariffs against the country have been boosted immediately to 125 percent.

Ethereum (ETH) is priced at US$1,633.44, an 11.9 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,459.15 and a high of US$1,661.40.

Altcoin price update

  • Solana (SOL) is currently valued at US$118.54, up 14.3 percent over the past 24 hours. SOL experienced a low of US$104.09 and a high of US$119.68 on Wednesday.
  • XRP is trading at US$2.03, reflecting an 11.8 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$1.79 and a high of US$2.06.
  • Sui (SUI) is priced at US$2.24, showing an increaseof 13.9 percent over the past 24 hours. It achieved a daily low of US$1.09 and a high of US$2.26.
  • Cardano (ADA) is trading at US$0.6308, reflecting a 12.8 percent increase over the past 24 hours. Its lowest price on Wednesday was US$0.5597, with a high of US$0.64.

Crypto news to know

Trump’s tariff shock wipes US$2 billion from US Bitcoin stash

The US government’s Bitcoin holdings have dropped by nearly US$2 billion in value since April 2 — dubbed “Liberation Day” by President Donald Trump — following a steep market selloff triggered by tariff announcements.

According to Arkham Intelligence, the 198,012 BTC held by federal agencies declined in value from US$17.24 billion to US$15.21 billion in just under a week as Bitcoin slid from over US$87,000 to below US$77,000.

An executive order made by Trump in March established a strategic Bitcoin reserve sourced from seized assets, further tying federal coffers to price swings in the cryptocurrency. The losses come as the administration ramps up global economic pressure, testing the volatility of its newly created digital reserve.

Digital asset regulations under scrutiny at congressional hearing

The Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence (AI) held a hearing on Wednesday to examine why current regulations may not apply to digital asset activities, and to explore which of these activities trigger US securities laws. Members of the subcommittee also discussed how Congress can address challenges through legislative action that reduces legal uncertainty while encouraging innovation.

At the hearing, Rodrigo Seira, special counsel to law firm Cooley, told the subcommittee that current securities laws are not flexible enough to account for digital assets, citing a long list of crypto projects that have tried and failed to register their products with the US Securities and Exchange Commission (SEC).

“It is clear that the current securities regulatory framework is not a viable option to regulate crypto. It fails to achieve its stated policy goals,” Seira said in his opening remarks.

“(T)he idea that crypto projects can come in and register with the SEC is demonstrably false.”

Seira admitted that it is critical to apply federal regulations to crypto promoters; however, “virtually no crypto projects have successfully registered their tokens under federal securities laws and lived to tell the tale.”

Representative Bryan Steil, head of the subcommittee, praised the progress that lawmakers have made, mentioning last week’s passing of the STABLE Act in the House of Representatives, before directing the subcommittee to the next stage of the process, namely comprehensive digital asset market structure legislation.

Pakistan taps Bitcoin mining and AI to solve power woes

Pakistan is turning to Bitcoin mining and AI data centers as a solution for its surplus electricity problem, aiming to repurpose excess power into revenue-generating infrastructure.

Bilal Bin Saqib, head of the country’s Crypto Council, told Reuters that mining sites will be selected based on regional energy overcapacity, with former Binance CEO Changpeng Zhao advising on the initiative.

Despite regulatory ambiguity, Pakistan ranks among the top 10 countries in global crypto adoption and boasts over 15 million users. The move also emphasizes youth blockchain upskilling and fostering innovation in fintech through regulatory sandboxes to boost exports and economic resilience.

Kraken, Mastercard bring crypto spending to 150 million merchants

Crypto exchange Kraken is teaming up with Mastercard (NYSE:MA) to roll out crypto debit cards across the UK and Europe, enabling users to spend digital assets at more than 150 million merchants.

The partnership builds on Kraken Pay, which allows seamless crypto-to-fiat transactions in over 300 currencies.

The new physical and digital cards — set to launch in the coming weeks — are aimed at expanding crypto’s real-world utility and normalizing digital asset payments.

Kraken CEO David Ripley views this as a critical step toward integrating crypto into everyday commerce, while Mastercard has underscored its commitment to innovating in digital finance and supporting blockchain initiatives.

Binance to delist 14 tokens

Binance announced on Tuesday (April 8) its decision to delist 14 tokens — BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT and VIDT — from its platform on April 16.

The decision follows a comprehensive evaluation that included a review of project commitment and trading volume. The outcome also incorporated the results of Binance’s newly introduced ‘Vote to Delist’ mechanism, which allows users to vote on potentially underperforming tokens based on their BNB holdings.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

U.S. Ambassador to Ukraine Bridget Brink is stepping down, the State Department confirmed Thursday, as the Trump administration ramps up its efforts to broker a peace deal between Russia and Ukraine.

Tammy Bruce, a State Department spokesperson, said Brink would be leaving her role, though she didn’t give a specific departure date. 

The news comes at a critical moment for U.S. foreign policy as officials work to ease tensions and end the grinding war in Eastern Europe.

Brink, a career diplomat with decades of experience, was nominated by then-President Joe Biden and unanimously confirmed by the Senate in May 2022, just months after Russia launched its full-scale invasion of Ukraine. 

She became the first U.S. ambassador to serve in Kyiv since 2019, helping reestablish America’s diplomatic presence after embassy staff were evacuated in the early days of the war.

Before serving in Ukraine, Brink was the U.S. ambassador to Slovakia and worked in top roles at the National Security Council. She speaks Russian and is known for strongly defending U.S. interests in Eastern Europe.

While in Ukraine, Brink was a vocal supporter of American military aid and often appeared publicly with Ukrainian leaders. Her resignation comes as the Trump administration shifts focus toward ending the war through diplomacy and renewed talks with Russia.

Also on Thursday, U.S. and Russian officials held rare face-to-face talks in Istanbul aimed at repairing long-strained diplomatic relations. The State Department said the two sides exchanged formal notes to finalize an agreement that would stabilize banking services for each country’s embassies, a step seen as key to keeping diplomatic missions operational.

In recent years, both countries have imposed financial restrictions on each other’s embassies and slashed staffing due to the fallout from the war. A finalized banking deal could open the door to restoring some of those lost diplomatic connections.

The State Department said follow-up talks are expected, though no date has been set.

Brink’s departure lands at a moment of major transition in U.S. foreign policy. Her exit may also clear the way for a new ambassador more closely aligned with the Trump administration’s push for a ceasefire deal.

The State Department did not immediately respond to Fox News Digital’s request for comment.

The Associated Press contributed to this report.

This post appeared first on FOX NEWS