Market Uncertainty Rises as Trump Imposes Tariffs

Bitcoin experienced a significant drop, falling below $98,000, as global markets reacted to US President Donald Trump's decision to impose tariffs on Mexico, Canada, and China. This move has sparked fears of a global trade war, with the European Union also at risk of being targeted.

Retaliatory Measures Announced

In response to Trump's tariffs, China, Canada, and Mexico have announced their own retaliatory measures. Notably, Canada has proposed imposing 25% tariffs on $155 billion worth of American goods. The European Union has also expressed its disapproval, warning of firm retaliation if European exports are affected.

Impact on Cryptocurrency Market

By 12:26 pm ET, Bitcoin had decreased by 3.05%, trading at $97,512. Shortly after, Ethereum also saw a decline, dropping 3.60% to $3,003. This market volatility underscores the growing uncertainty among investors as the trade war escalates.