President Donald Trump has enacted aggressive trade measures, fulfilling a long-standing campaign pledge to impose steep tariffs on key U.S. trading partners. Effective immediately this Tuesday, a 25% duty will apply to nearly all imports from Canada and Mexico, while Chinese goods face a 10% tariff.
The move, outlined in a presidential
Executive Order, cites the opioid crisis as a driving force. “The unchecked
flow of illegal narcotics, including fentanyl, continues to devastate American
lives, overwhelm public health systems, and destabilize communities,” Trump
stated.
With traditional financial markets
shuttered for the weekend, cryptocurrency markets absorbed the immediate impact
of investor anxiety. Bitcoin (BTC) tumbled 2%, teetering near the $100,000
support level after briefly surging to $106,000 just a day earlier. Altcoins
suffered steeper losses: Ether (ETH), XRP, and Solana (SOL) plummeted 6%–8%,
while the CoinDesk 20 Index—a benchmark for the broader crypto market—sank
4.8%.
A senior White House official confirmed to The
Wall Street Journal that no exemptions would be granted. The tariffs will
persist until the administration deems the targeted nations have sufficiently
curbed illicit drug trafficking into the U.S.
Global pushback emerged swiftly. Canadian
Prime Minister Justin Trudeau warned on social media platform X: “U.S. tariffs
on Canadian exports harm both nations. Should these measures proceed, Canada
will respond swiftly and decisively.”
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