Market Uncertainty Rises as Trump Imposes Tariffs

Bitcoin's value dipped below $98,000 on Sunday, a direct consequence of the growing market uncertainty following US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China. This move has also put the European Union on alert, with potential tariffs looming on the horizon.

Retaliatory Measures Announced

In response to the tariffs, China, Canada, and Mexico have announced retaliatory measures. Notably, Canada has proposed a 25% tariff on $155 billion worth of American goods. The European Union has also voiced its criticism, warning of firm retaliation should European exports be targeted by Trump's tariffs.

Impact on Cryptocurrency Market

At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Shortly after, Ethereum experienced a 3.60% drop, with its value falling to $3,003. This downturn reflects the immediate impact of the trade war on the cryptocurrency market.