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Bitcoin Sinks to $100K as Trump Imposes Tariffs on Canada, Mexico, China
Altcoins fared far worse than bitcoin as the new U.S. president seemingly ignited a trade war.
What to know:
- President Trump on Saturday followed through on his threat to impose big tariffs on major trading partners.
- Trump cited the influx of illicit opioids and other drugs in his Executive Order authorizing the tariffs.
- Open for trade on the weekend, crypto markets are bearing the brunt of the risk-off mood.
In this article
Following through on threats made throughout his campaign and repeated in the opening days of his presidency, Donald Trump has imposed 25% tariffs on nearly all imports from Mexico and Canada and a 10% tariff on goods from China.
The tariffs are effective beginning Tuesday.
STORY CONTINUES BELOW
"The sustained influx of illicit opioids and other drugs has profound consequences on our Nation, endangering lives and putting a severe strain on our healthcare system, public services, and communities," said the president in his Executive Order authorizing the levies.
With traditional markets closed for the weekend, crypto is bearing the brunt of the risk-off reaction to the tariffs. Bitcoin
is lower by 2% and just hanging on above $100,000 after rising as high as $106,000 only a bit more than 24 hours ago.Altcoins are faring worse, with ether (ETH), XRP, and solana
lower by 6%-8%. The broad market gauge CoinDesk 20 Index is down 4.8%.There will be no exemptions to the tariffs, a senior White House official told the WSJ, and they will remain in place until the president is satisfied the named countries have stopped the flow of fentanyl into the U.S.
"No one — on either side of the border — wants to see American tariffs on Canadian goods," wrote outgoing Canadian Prime Minister Justin Trudeau on X yesterday. "If the United States moves ahead, Canada’s ready with a forceful and immediate response."
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
