President Donald Trump announced that the United States would impose new duties 100% on imports from China, ‘more than any work presently paid’ as of 1 November. He added that on the same day the United States will introduce export control of "strategic software". These actions brought a collapse in the cryptocurrency market.
Trump will impose 100% duties on China. The President's message came hours after China introduced a strict regulation of the export of elements rare earth. Around 70% of the world's mineral resources comes from China. They are essential for the high-tech industry, including automotive, defence and semiconductors.
Trump suggested earlier that he cancel the gathering with Chinese president Xi Jinping at the upcoming summit Asia-Pacific economical Cooperation in South Korea due to fresh controls introduced by China. Almost all product imported to the USA from China is already subject to advanced duties.
Although import duties vary from 50% for steel and aluminium to 7.5% for consumer goods, the alleged "effective rate of duty" for Chinese imports presently amounts to 40%, according to Wells Fargo Economics and analysts from the national Reserve Bank of fresh York.
The origin of this movement is the activities of the Chinese Ministry of Commerce, whichreported, that as of 1 December, abroad operators will gotta have a licence to export products which contain more than 0.1% of uncommon earth elements originating in a given country or which are produced utilizing Chinese extraction, refining, magnet production or recycling technology.
"We have just learned that China has taken an highly aggressive position on trade, sending an highly hostile letter to the world, in which they stated that from 1 November 2025 they intend to introduce extended export controls on virtually all product they produce, as well as on any products they do not produce" – Trump wrote on Friday at Post on fact Social portal.
"This applies to ALL countries without exception and clearly was a plan developed by China years ago. It is something absolutely different in global trade and moral shame in relations with another countries" – he added.
"Regarding the fact that China took an unprecedented position and spoke only on behalf of the United States and not on behalf of another countries that were in akin danger from 1 November 2025 (or earlier, depending on further action or change taken by China) The United States of America will impose a work of 100% on China, higher than any work presently paid." He concluded.
President Trump's threat to impose an additional work of 100% on imports from China caused a mass cryptocurrency sale that exposed risky leverage in this area.
Bitcoin, ether and solana were among the most affected cryptocurrency, resulting in a full value of $18.28 billion liquidated assets at 15:47 east time, according to the data analysis platform CoinGlass. The cryptocurrency losses are due to a wide sale as the Nasdaq and S&P 500 indexes recorded the largest decline in six months on Friday.
According to CoinGlass, in the last 2 days bitcoins worth about $5 billion have been sold, an ethereum worth about $4 billion and a solan worth about $2 billion.
Is this an introduction to a deeper crisis in planet trade and finance? Probably.
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