President Trump said Friday he will impose an additional 100% tariff on imports from China starting next month — marking a significant escalation in the U.S.-China trade war.

US stocks surged on Monday, bouncing back from Friday's rout after President Trump played down the escalating US trade standoff with China, saying it "will all be fine!" Stocks are set to recoup some of Friday's hefty losses after Trump dialed back his Friday threat to impose an additional 100% tariff on Chinese goods from Nov.

Trump’s 100% China tariffs sent crypto into chaos, wiping out $16B in longs. Bitcoin plunged, traders panicked, and speculation rose over who saw it coming.

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President Donald Trump reiterated his plan to hit China with a 100% tariff but also said there was an “eternity” until the Nov. 1 deadline for the tariff imposition.

Economist and long-time Bitcoin (BTC) critic Peter Schiff reignited his warnings against cryptocurrency after the market experienced a sharp decline following U.S. President Donald Trump’s announcement of new tariffs on Chinese goods.

The administration has claimed foreign countries would one the ones paying for the president’s sweeping tariffs.