Crypto Dips Again as China Set to Impose Tariffs on US Goods

(Crypto News)-05/02/2025

Cryptocurrencies tumbled early Tuesday after China announced its retaliatory measures against the U.S., including a probe into Google and new levies on American goods.

Crypto is still reeling from the global market rout that saw over $2.2 billion in liquidations caused by investor uncertainties following tariffs from the U.S.

The top 10 cryptos excluding stablecoins have reacted negatively to the news with Dogecoin leading losses, down 5.8%, followed by XRP’s 5.1% decline.

Bitcoin showed relative resilience, dropping just 1.3% to $98,934, CoinGecko data shows.

It follows Asia media reports, including the South China Morning Post, which stated Beijing had announced tariffs on U.S. goods between 10% and 15%.

Bloomberg further reported Beijing will impose 15% levies on coal and liquefied natural gas imports, alongside 10% tariffs on oil and agricultural equipment from America, effective immediately.

NASDAQ 100 futures have also seen immediate reactions, dropping 1.7% on the day, 8 hours before U.S. markets open.

By late afternoon, futures pared losses slightly but remained down 1.2% for the day, according to data from Yahoo Finance.

Commodities are seeing broad-based pressure with natural gas dropping sharply by 2% and crude oil declining by 1.74%, while copper stands out as the lone gainer among major commodities with a modest 0.35% increase.

China’s State Administration for Market Regulation has also launched an antitrust investigation into Google moments after U.S. tariffs took effect, according to a separate report from Bloomberg.