U.S. President Donald Trump has confirmed the escalation of a trade war with China by announcing 100% tariffs on Chinese imports, effective November 1. This decision comes in response to China's restrictive export controls on rare earth elements, which Trump has labeled a national security threat. The announcement has triggered a significant reaction in global markets, notably impacting the cryptocurrency sector. Bitcoin experienced a sharp decline, dropping over 10% in a single day as investors reacted to the heightened U.S.-China tensions. The tariffs are expected to increase costs for ASIC mining hardware and chip materials, with U.S. buyers now facing a 57.6% tariff on Chinese-made mining equipment. As a result, global capital is shifting towards safe-haven assets, and companies are preparing to adjust their supply chains accordingly.