The United States and China have been locked in an increasingly escalating trade war since 2018. As this conflict is changing from tariffs to technology, a wide variety of products and industries could possibly face the consequences in case of another big escalation. In this article, we’ll take a look at the current situation of the US-China trade war in order to analyze if this ongoing event can affect cryptocurrencies and determine if cryptocurrencies can benefit in any way from the trade war the two countries are engaged in.
How Did the US-China Trade War Begin?
Even before he stepped into the White House, Donald Trump has been complaining about how China’s trading practices have had a massively detrimental effect on the US economy. After launching an investigation in 2017, the US imposed tariffs on billions of dollars worth of Chinese goods and products in 2018. Shortly after, the Chinese government responded with tariffs on over $110 billion worth of US goods and products, starting the largest trade war in economic…