President Donald Trump announced an additional 100% tariff on China and threatened to cancel a summit with Xi Jinping, reigniting his trade war with Beijing.

As a result, the announcement of the new tariffs sent the crypto market into a downward spiral on Saturday, October 11, the largest single-day wipeout ever recorded for crypto currency: according to Coinglass, more than $19.2 billion (€16.5 billion) in leveraged positions were liquidated.

While market weakness had already been present coming into Friday, Trump’s post sparked a more than 12 per cent decline in bitcoin. The largest token, which had earlier this week reached an all-time high of more than US$125,

Republicans and President Donald Trump want credit for what he has called “the largest tax cut in the history of our country” for the income tax cuts in his One Big Beautiful Bill Act.

U.S. stock-index futures bounced back strongly Sunday, following Friday’s market plunge after President Donald Trump threatened China with additional 100% tariffs.