Trump Imposes Tariffs on Canada, Mexico, and China
President Donald Trump has announced new tariffs on goods from Canada, Mexico, and China, which will take effect on Tuesday. The 25% tax on Canadian and Mexican imports and a 10% tax on Chinese goods are meant to fight illegal drug trafficking, particularly fentanyl.
Bitcoin and Crypto Prices Drop
The cryptocurrency market reacted quickly to the news. Bitcoin (BTC) dropped 2%, falling just below $100,000 after recently reaching $106,000. Other major cryptocurrencies like Ether (ETH), XRP, and Solana (SOL) saw even bigger losses, dropping between 6% and 8%.
Canada’s Response
Canadian Prime Minister Justin Trudeau criticized the decision, saying Canada does not want a trade war but will respond if necessary. The U.S. government has stated there will be no exceptions to these tariffs until drug trafficking concerns are addressed.
What’s Next?
With financial markets closed for the weekend, the full impact of these tariffs will become clearer in the coming days. Investors are closely watching the situation, as these economic changes could affect both traditional markets and cryptocurrency prices.
