US President Donald Trump has openly stated that the country is currently engaged in a trade war with China. Responding to questions from reporters, Trump declared, “Well, we’re in one now.”

He emphasized the need for tariffs, asserting that without them, the US would be defenseless against economic coercion from China: “If we didn’t have tariffs, we would be exposed as being a nothing, we would have no defense.”

🚨 JUST IN: President Trump declares the United States is in a TRADE WAR with China “We’re in one now!” “We have 100% tariffs.” “If we didn’t have tariffs, we would have no defense. They’ve used tariffs on us.”

A social media announcement from Trump last Friday, which included a warning about imposing a 100% tariff on all Chinese imports, triggered a sudden decline in the crypto market, causing Bitcoin’s price to drop significantly from approximately $121,560 to below $103,000 within hours.

Following developments, Treasury Secretary Scott Bessent criticized China’s trade practices, insisting that their recent actions could backfire:

“If some in the Chinese government want to slow down the global economy through disappointing actions and through economic coercion, the Chinese economy will be hurt the most.”

Bessent reiterated that the US and its allies would not be dominated by China: “We and our allies will neither be commanded nor controlled by a group of bureaucrats in Beijing.”

As for the Bitcoin mining sector, the tariffs imposed on machines from various Asian countries have complicated the acquisition process for US miners, leading to a tariff of 57.6% on machines originating from China. Despite these challenges, no significant shifts of mining operations overseas have been noted, contrary to what some analysts had expected.