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U.S. Stocks Rise as Investors Shrug Off Tariff War; XRP Leads Crypto Market Recovery
The CBOE Volatility Index, also known as the VIX, fell 6.5% to 12.79. The so-called “fear index” surged more than 12% at the start of the week, snapping a five-day losing skid.
Trade-War Escalates
In response to new tariff measures by the Trump administration, China on Tuesday announced it will tax $60 billion in American-made goods. More than 5,000 U.S.-made goods will be targeted in the new round of levies, including meat, alcoholic beverages, automotive parts, clothes and machinery. Levies placed on American products range between 5% and 10%, according to China’s state council.
Hours prior, President Trump said he will impose 10% tariffs on $200 billion in Chinese imports, the most comprehensive measures taken in the yearlong trade spat. The new round of levies will take effect as early as next week.
With respect to China’s countermeasures, Trump issued the following tweet Tuesday morning: “There will be great and fast economic retaliation if our farmers, ranchers and/or industrial workers are targeted!”
Both sides were aiming to return to the negotiating table later this month but those plans appear to have faded. Given China’s massive surplus with the U.S., it is already running out of products to penalize.
XRP Leads Cryptocurrency Rebound
The cryptocurrency market made incremental gains back toward $200 billion on Tuesday after Ripple announced new commercialization efforts for its technology. As a result, XRP surged more than 17% to $0.319, the highest in almost two weeks.
Ethereum exhibited unusual trading activity as prices rose sharply and suddenly over the span of an hour. The second-largest cryptocurrency by market capitalization reached a session high of $222, more than offsetting the previous day’s drop. ETH was last seen trading at $210 for a gain of more than 7%.
Bitcoin also clawed back most of its recent slide, signaling renewed stability in the market. BTC rose 0.7% to $6,347, based on latest available data.
The total crypto market cap briefly climbed above $200 billion. At the time of writing, the market was valued at $198.7 billion, according to CoinMarketCap.