Following a recent highlight by Crypto News Flash (CNF) on Trump’s tech tariffs, it was suggested that this could shake global trade this year. Given that Bitcoin (BTC) has soared past $93,700, driven by President Donald Trump’s unexpected shift on China tariffs and a surge in investor optimism.
On April 23, President Trump announced plans to reduce tariffs on Chinese goods, a significant departure from his earlier protectionist stance.
According to a recent tweet, Trump said that the tariffs with China won’t be “anywhere near as high,” which ironically will probably have an even worse impact on the U.S. economy in the short term.
Trump saying that the tariffs with China won’t be “anywhere near as high” ironically will probably have an even worse impact on the US economy in the short-term. If you import stuff from China: 1) you’re now going to wait until the tariffs come down (why pay more now when you…https://t.co/V3u5utK5dF — Arnaud Bertrand (@RnaudBertrand) April 23, 2025
This move came after intense lobbying from U.S. automakers and mounting concerns over inflation and supply chain disruptions. In addition, the administration’s decision to exempt car parts from certain tariffs aims to alleviate pressure on the automotive industry and consumers alike, according to Reuters.
However, the situation remains complex. While Trump signaled openness to easing trade tensions, Chinese officials denied any ongoing negotiations, emphasizing that no consultations were taking place. This discrepancy highlights the fragile state of U.S.-China trade relations, according to AP News.
Bitcoin Breaks $94,000 Amid Optimism and Market Outlook
As per Binance report, in the wake of Trump’s announcement, Bitcoin’s price surged, reaching a high of $94,904.30. This rally reflects investors’ renewed appetite for risk assets, buoyed by the prospect of reduced trade tensions and improved economic outlook.
While Bitcoin’s ascent is impressive, it faces resistance near the $95,000 level. A decisive break above this threshold could pave the way for a move towards $98,000. Conversely, failure to maintain momentum may lead to a pullback, with support levels at $91,000 and $88,500.
Hence, investors are closely monitoring upcoming policy announcements and macroeconomic data for further hints. The interplay between geopolitical developments and market sentiment will likely continue to influence Bitcoin’s trajectory in the near term.
Current Bitcoin Price Snapshot
According to a CNF report last February, when U.S.-China trade tensions were escalating, Bitcoin hovered at $100K. This price movement underscores Bitcoin’s sensitivity to geopolitical events and its role as a barometer for investor sentiment in times of economic uncertainty.
At the time of writing, Bitcoin (BTC) is trading at approximately $93,177.29, reflecting a 9.91% increase in the past week. See BTC price chart below.