Market Turmoil as Trump's Tariffs Spark Global Trade War

In a dramatic turn of events, Bitcoin's value dipped below $98,000 on Sunday, as the global market reacted to U.S. President Donald Trump's aggressive trade policies. The imposition of tariffs on key trading partners, including Mexico, Canada, and China, has ignited fears of a full-blown trade war, with the European Union also in the crosshairs.

Retaliatory Measures and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced their own retaliatory measures. Notably, Canada has proposed a 25% tariff on $155 billion worth of American goods, signaling a significant escalation in trade tensions. The European Union has also voiced strong criticism, warning of firm retaliation should European exports be targeted.

Cryptocurrency Market Takes a Hit

By 12:26 pm ET, Bitcoin had fallen by 3.05% to $97,512, with Ethereum also experiencing a sharp decline of 3.60% to $3,003 just a minute later. This market downturn reflects the growing uncertainty and anxiety among investors as the global trade landscape becomes increasingly volatile.