6 days ago
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China announced retaliatory tariffs on all goods, worsening risk sentiment during European hours.
Updated Apr 4, 2025, 10:40 a.m. Published Apr 4, 2025, 10:40 a.m.
Risk sentiment worsened during the European hours Friday after China announced retaliatory tariffs on all goods, responding to Trump's Wednesday decision to boost the overall levy on Chinese goods to 54%.
Bitcoin, the leading cryptocurrency by market value, fell by $1,600 to $83,000, erasing the early rise to $84,600, CoinDesk data shows. Other tokens like XRP, ETH, SOL and DOGE also reversed early gains to trade largely flat on the day.
Meanwhile, futures tied to the S&P 500 and Nasdaq fell over 2% amid escalating global trade tensions.
"China's response is not only negative for the U.S. but it is also impacting the global outlook," ForexLive's analyst Justin Low wrote in a market update.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
