It began in February 2023 when the US imposed a 10% tariff on all Chinese imports, quickly escalating to 20% by March. The goal was to punish China for unfair trade practices, but Beijing retaliated with its own tariffs, particularly targeting US exports like soybeans and wheat.<\/p>\n
The US didn\u2019t stop there, expanding the trade battle to the EU, Canada, Mexico, and South Korea, claiming these measures were necessary to ensure fair trade and address national security concerns, particularly regarding steel imports. In response, China restricted rare earth mineral exports, crucial for US technology and defense industries.<\/p>\n
As both nations imposed more tariffs and non-tariff barriers, global trade slowed, and stock markets plunged. US businesses saw rising costs, while Chinese manufacturers scrambled for new markets. Amid this turmoil, cryptocurrency gained a slight boost, partly due to Trump’s proposal for a national crypto reserve.<\/p>\n