Stocks and crypto lost a little bit of ground on Friday as President Donald Trump accused China of violating a recent trade agreement.
Trump says on Truth Social that he had previously decided to make a deal with China because his tariffs were plunging the Asian giant into “grave economic danger.”
But according to Trump, his efforts did not pay off, as he says China breached a deal with the United States.
“I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH the US. So much for being Mr. NICE GUY!”
The Nasdaq Composite dropped by 0.32% on Friday, while the S&P 500 traded closer to even, only slumping by 0.0081%.
Crypto, on the other hand, fell further, with the overall digital market cap dropping by more than 4%. Bitcoin (BTC) fell by more than 1%.
The Trump Administration announced multiple waves of tariffs on China in early April, which China responded to with retaliatory measures. Earlier this month, the White House announced that it had reached a deal with China to suspend and lower many of those tariffs, which kickstarted the equities market.
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