Following through on campaign promises, President Trump has enacted significant tariffs on major trading partners, imposing a 25% tariff on nearly all imports from Mexico and Canada, and a 10% tariff on goods from China. This decision, justified by the president due to the ongoing influx of illicit opioids and other drugs, will take effect starting Tuesday.
In the crypto markets, the response has been immediate and harsh, coinciding with traditional markets being closed for the weekend. Bitcoin (BTC) experienced a drop of about 2%, hovering just above the $100,000 mark after reaching $106,000 merely a day prior.
Altcoins were hit even harder; ether (ETH), XRP, and solana (SOL) saw declines ranging from 6% to 8%, while the broader market fell by 4.8%. The White House has made clear that there will be no exemptions to these tariffs, which will remain until a satisfactory solution to the fentanyl inflow is reached.
Outgoing Canadian Prime Minister Justin Trudeau has expressed strong opposition to these tariffs, stating, “If the United States moves ahead, Canada’s ready with a forceful and immediate response.” The escalating trade tensions hint at broader geopolitical implications for international relations and global markets.
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