Market Turbulence as Trump Imposes Tariffs

Following US President Donald Trump's announcement to impose tariffs on Mexico, Canada, and China, with the European Union potentially next, Bitcoin experienced a significant drop, falling below $98,000. This move has sparked widespread market uncertainty and led to retaliatory measures from the affected countries.

Retaliatory Measures and Market Reactions

In response to Trump's tariffs, China, Canada, and Mexico have announced their own set of retaliatory measures. Canada, for instance, has proposed 25% tariffs on $155 billion worth of American goods. The European Union has also voiced its criticism, warning of firm retaliation if European exports are targeted.

Bitcoin and Ethereum Prices Tumble

At 12:26 pm ET, Bitcoin was down by 3.05%, trading at $97,512. Shortly after, Ethereum also saw a decline, dropping 3.60% to $3,003. This downturn reflects the growing concerns over the escalating trade war and its potential impact on the global economy.