Trump Tariff Promise Halts Bitcoin Rally for Second Consecutive Day
Recently, cryptocurrencies saw a report on delay in tariffs quickly rejected by the White House, indicating that the market’s optimism was brief again.
Trump’s tariff announcement reduces Bitcoin
President Trump announced on Thursday that 25 % tariffs on Mexico and Canada will begin on February 1. After the news, Bitcoin soared $ 106,000, a decrease of 2 % to about $ 104,000. U.S. stocks have given up some benefits, but still end this day.
“The President will impose a 25 % tariff on Mexico tomorrow, a 25 % tariff on Canada, and a 10 % tariff on China to purchase and allow the illegal Fentny of our country to levy a 10 % tariff. Killing tens of millions of Americans, “White House spokesman Karoline Leavitt said at the White House press conference.
On Friday, Reuters It is reported that tariffs will be postponed to March 1, and its procedures allow countries to demand exemptions on certain exports. However, the White House quickly rejected this. The press secretary Karoline Leavitt confirmed that tariffs, including 10 % of China, will take effect the next day.
It is worth noting that Trump’s tariffs and possible retaliation between Canada and Mexico may affect US $ 1.6 trillion in North American trade, which may end the free trade system that connects three countries to more than 30 years.
Like Thursday, Bitcoin rose more than $ 106,000, and seemed to be ready to break $ 109,000. However, tariff news caused prices to fall again. Bitcoin transactions were less than $ 103,000, a decrease of 2.3 % in the past 24 hours.
