coins Brigida How Trump's Tariffs Are Impacting Chinese Crypto Miners

Brigida How Trump's Tariffs Are Impacting Chinese Crypto Miners

In recent months, talk of a trade war between the United States and China has hinged on comments made by President Trump. Tariffs on $250 billion worth of Chinese goods took effect earlier this year, and the Trump administration has threatened additional tariffs as well, the net effect of which would impact virtually all trade with China. The full repercussions of the tariffs are not yet known, nor is the exact nature of a potential trade war. Still, there are already signs that many industries in both countries could be impacted. Cryptocurrencies, which are generally seen as a global phenomenon, have largely been kept out of the discussions. And yet, the Trump tariffs could nonetheless have a significant effect on Chinese cryptocurrency mining operations.

A Matter of Classification

Earlier this year, the office of the United States Trade Representative reclassified mining hardware from "data processing machines" to "electrical machinery apparatus," per MarketWatch. The shift may seem small, but it came with a change in import taxes, which moved from 0% to 2.6% in June of 2018.

Because of this change, digital currency mining equipment including graphics processing cards and other rig setup materials has suddenly become subject to a further 25% import tax, which took effect in August. All told, equipment which was taxed at a rate of 0% just earlier this year has effectively ballooned up to a rate of 27.6%, practically overnight.

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Tuesday, March 3, 2020

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