Market Uncertainty Grows as Trump Imposes Tariffs

In a surprising turn of events, Bitcoin fell below $98,000 this Sunday. This significant drop comes in the wake of US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China, with potential threats looming over the European Union. The move has sparked widespread market uncertainty, impacting cryptocurrencies significantly.

Retaliatory Measures Announced by Affected Countries

China, Canada, and Mexico have not taken Trump's tariffs lightly, announcing retaliatory measures. Canada, for instance, has proposed a 25% tariff on $155 billion worth of American goods. The European Union has also voiced its criticism, warning of firm retaliation if European exports are targeted. This trade war escalation has markets on edge, with cryptocurrencies experiencing notable volatility.

Impact on Cryptocurrency Markets

At 12:26 pm ET, Bitcoin was down 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 among investors about the potential long-term effects of Trump's trade policies on the global economy and digital currencies.