President Donald Trump snatched bitcoins and other markets after the announcement of 25% to 50% tariff on Canadian steel and aluminum, citing 25% tariffs of Ontario on American electricity.
According to Trump’s truth social PostThe new tariffs will be effective on March 12. Trump also called Canada to remove 390% dairy tariffs and warned of high tariffs on Canadian cars until 2 April.
In his statement, President Trump criticized Canada’s long -standing tariff on American dairy products, which labeled them from 250% to 390%, as “derogatory”. He threatened to declare a national emergency regarding electricity to describe Canada as “derogatory threat”.
‘Agragius’ tariff
Additionally, Trump warned that if Canada does not eliminate other “egoistic” tariffs, the US will greatly increase the tariff on the Canadian automobile imports starting from April 2 – a step that claims that it will effectively “turn off the automobile manufacturing business in Canada.”
Trump also said that “the only thing that is understood is to become our fifty state for Canada.” All these tariffs, and everything else, will disappear completely.
The markets reacted to the announcement. Bitcoin (BTC) fell 4.2%, dipped below $ 80,000, while Dove Jones dropped about 600 points. Investors replied to both trade tension and administration statements that no new bitcoin purchases were planned for the national strategic reserve.
Bitcoin has rebounded above $ 81,000 at the time of writing.
The tariff dispute follows Trump’s tariff on Canadian and Mexican goods. Canada and Mexico have pushed back, citing violations of the trade agreement.
