Bitcoin Prices Dip as Trump Announces Higher Canadian Tariffs
President Donald Trump’s recent announcement of increased tariffs on Canadian steel and aluminum has sent ripples through financial markets, including Bitcoin. Trump plans to raise tariffs from 25% to 50%, citing Canada’s 25% tariff on U.S. electricity.
Trump’s Truth Social post revealed that these new tariffs will kick in on March 12. He also urged Canada to remove up to 390% tariffs on U.S. dairy products, calling them “outrageous.” trump warned of even higher tariffs on Canadian cars by April 2 if Canada doesn’t comply.
Trump suggested that the only solution is for Canada to join the U.S.as the “Fifty-First State,” eliminating all tariffs. This statement reflects the growing trade tensions between the two nations.
Markets reacted swiftly.Bitcoin prices fell 4.2%, dipping below $80,000, while The Dow Jones dropped nearly 600 points. The administration also stated that no new Bitcoin purchases are planned for the national strategic reserve.
However, Bitcoin has since recovered, trading above $81,000.The tariff dispute is part of a broader trade conflict involving Canada and Mexico, with both countries pushing back against Trump’s policies.
