China announced additional tariffs on some US goods, and Mechanism founder predicted that Ethereum prices will be affected

The new measures taken by the United States to impose tariffs on imported goods from China came into effect on Tuesday (February 4), and China will also implement new countermeasures. The Customs Tariff Commission of the State Council of China announced today that starting from February 10, 2025, additional tariffs of 10% to 15% will be imposed on certain imported goods originating from the United States, including coal, natural gas, crude oil, agricultural machinery, large-displacement vehicles and pickup trucks. The Customs Tariff Commission of the State Council of China stated in the announcement issued today that the unilateral imposition of tariffs by the US side seriously violates the rules of the World Trade Organization, and not only fails to solve its own problems, but also disrupts the normal economic and trade cooperation between the US and China. US President Donald Trump signed an executive order on February 1, announcing that starting from February 4, an additional 25% tariff will be imposed on imported goods from Canada and Mexico, and an additional 10% tariff will be imposed on imported goods from China, in an effort to address the issues of illegal immigration and drug problems. Although Trump confirmed today that the measures to impose tariffs on Canada and Mexico will be postponed, he did not mention China. The new US tariff measures triggered a huge shock in the traditional financial and cryptocurrency markets, with BTC falling from around $100,000 to around $91,000 over the past three days. ETH and other Altcoins experienced even greater declines. After the US announced the postponement of additional tariffs on Canada and Mexico, the cryptocurrency market saw a significant rebound, with BTC temporarily returning to $100,000 and ETH rebounding to $2,900. Andrew Kang, the founder and partner of the cryptocurrency investment firm Mechanism Capital, believes that ETH faces resistance in the $2,900 to $3,000 range, which will limit its upside potential in the short term. He also believes that if a US-China trade war occurs, the price of ETH will return to $2,200 to $2,400. As of the time of this article's publication, the trading price of BTC is $99,045, and the price of ETH is $2,715.