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Fortune

Catherine McGrath

Bitcoin stumbles as Trump accuses China of violating trade deal

Donald Trump Bitcoin China United States Truth Social

(Credit: ROMAIN COSTASECA/Hans Lucas/AFP—Getty Images)

Bitcoin fell 5% from its Thursday high after President Donald Trump accused China of violating the terms of a tariff truce from earlier this month.

Trump took to Truth Social on Friday to assert that China was breaking the rules of a deal in which the two nations agreed to roll back most tariffs on each other’s goods. Without sharing specifics about how China had allegedly reneged on its end of the bargain, Trump wrote on Truth Social, “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US.”

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