Trump Tariff Promise Halts Bitcoin Rally for Second Consecutive Day
The post Trump Tariff Promise Halts Bitcoin Rally for Second Consecutive Day appeared first on Coinpedia Fintech News
Recently, Crypto saw a repeat of previous trends after a report about a tariff delay was quickly dismissed by the White House, indicating that market’s optimism was once again short-lived.
Trump’s Tariff Announcement Sends Bitcoin Lower
President Trump announced Thursday that 25% tariffs on Mexico and Canada would start on February 1. Bitcoin, which had surged over $106,000, fell 2% to around $104,000 after the news. U.S. stocks gave up some gains but still ended the day higher.
“The President will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans,” White House spokesperson Karoline Leavitt said during a White House press briefing.
On Friday, Reuters reported that tariffs would be delayed until March 1, with a process allowing countries to request exemptions for certain exports. However, the White House quickly rejected this, with Press Secretary Karoline Leavitt confirming that the tariffs, including a 10% levy on China, will take effect the next day.
Notably, Trump’s tariffs and possible retaliation from Canada and Mexico could affect $1.6 trillion in North American trade, potentially ending the free trade system that has connected the three countries for over 30 years.
Like Thursday, Bitcoin had risen above $106,000 and appeared ready to break the $109,000 mark. However, the tariff news caused prices to tumble down again, with Bitcoin trading just under $103,000, down 2.3% in the past 24 hours.
