Global equity markets took a major hit on Monday following news that China would raise its tariffs on $60 billion worth of US goods starting on June 1.
China’s announcement follows the U.S. decision to hike tariffs from 10% to 25% on $200 billion worth of Chinese exports on Friday following a major breakdown in trade talks between the two countries.
I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
Despite the recent uncertainty in equity markets resulting from the disintegration of trade talks, cryptocurrencies have continued to gain momentum as Consensus 2019 in New York City has contributed to an increasingly bullish environment.
As a result, Bitcoin (BTC) is now up over 14.4% on Monday to $8,012, bringing the largest digital currency’s 1-week return to 39%.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.