U.S. President Donald Trump, on Oct. 20, warned that his administration could impose tariffs as high as 155% on Chinese imports unless Beijing strikes what he called a “very fair” trade deal with Washington.

Speaking at the White House before bilateral talks with Australian Prime Minister Anthony Albanese, Trump said that China had been “very respectful” toward the U.S. and continued to pay “tremendous amounts of money” through existing tariffs.

“As you know, they’re paying 55% — that’s a lot of money... and a potential 155% come Nov. 1 unless we make a deal,” he said.

The remarks came shortly after the signing of a new U.S.–Australia critical minerals agreement aimed at strengthening supply chains for key industrial resources. Trump said the deal demonstrated Washington’s broader strategy of rebalancing trade relationships with global partners.

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The president also indicated that he plans to visit China \\"fairly early next year.\\"

“I expect we will probably work out a very fair trade deal with President Xi of China. I think most of you will be there. It will be very exciting,\\" Trump said.

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At the time of reporting, the crypto market was hinting at the after-effects of the new comment.

As per the Kraken feed, within an hour of the announcement, Bitcoin (BTC) slipped 0.8% to $109,998 after briefly touching the $111,000 mark on Monday. Ethereum (ETH) fell 0.4% to $3,928.72, while Solana (SOL) declined 0.7% to $186.10. XRP, meanwhile, managed to stay slightly in the green, edging up 0.3% to $2.44.

When Trump announced plans to slap 100% tariffs on Chinese goods on Oct. 10, the crypto market reacted sharply, plunging into a violent sell-off that wiped out more than $19 billion in liquidations within just a few hours.

Last week, Trump had hinted during an interview with Fox Business that imposing 100% tariffs over and above the existing 55% tariffs was \\"not sustainable.\\" However, the crypto market remained cautious despite the softening stance.

Before Trump's latest comment, the broader crypto market was showing slight improvements.

Last week, United States Secretary of the Treasury Scott Bessent warned that a “large number” of American senators supported giving the president authority to impose tariffs of up to 500% on China.

“Eighty-five U.S. senators are willing to give President Trump the authority to put up to 500% tariffs on China for purchasing Russian oil,” Bessent said during a press briefing on Oct. 15.

“It is the purchase of Russian oil by China that fuels the Russian war machine. China buys 60%, six zero percent, of Russian energy,” he said. Beyond his criticism of China’s energy trade, Bessent also condemned its move to restrict rare earth exports, branding the nation an “unreliable partner to the world.”

This story was originally reported by TheStreet on Oct 20, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.