US President Donald Trump said the US is already “in” a trade war with China , and his comments have sent shock waves through crypto and financial markets.

Reports say he threatened steep tariffs — including a 100% tariff on Chinese imports — after Beijing tightened controls on rare earths and related technology exports. Traders moved fast. Prices fell. Volatility spiked.

Crypto Markets React To Tariff Threats

According to Reuters and market reports, Bitcoin and Ether both dropped as investors rushed to reduce risk. Based on reports, close to $20 billion in leveraged crypto positions were liquidated within a 24-hour window.

Many smaller tokens plunged even more, driven by thin order books and forced selling. Stock markets fell too, and some firms accelerated shipments to beat possi

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