Donald Trump has started imposing tariffs as he promised during his campaign. He has set a 25% tariff on most imports from Mexico and Canada, and a 10% tariff on goods from China. These tariffs took effect on Tuesday.
In his Executive Order, Trump stated that the ongoing flow of illegal opioids and drugs is harming the nation. He believes it is putting lives at risk and straining healthcare and public services.
The announcement of these tariffs has affected the cryptocurrency market. Bitcoin (BTC) dropped by 2%, falling below $100,000 after reaching a peak of $106,000 a day earlier. Other cryptocurrencies have seen larger declines. Ether (ETH), XRP, and Solana (SOL) fell by 8% to 10%.
A senior official from the White House mentioned that there will be no exemptions to these tariffs. They will stay in place until the U.S. is satisfied that Mexico and Canada have stopped the flow of fentanyl into the country.
Canadian Prime Minister Justin Trudeau expressed his concerns on social media. He stated that no one wants American tariffs on Canadian goods.
Mohammed Ali
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
