Bitcoin slips another 4% after Trump targets Canadian steel, aluminum with tariffs

President Donald Trump has frightened Bitcoin and other markets after announcing a tariff increase in Canadian steel and aluminum from 25% to 50%, citing the 25% price of Ontario on American electricity.

According to Trump’s truth jobThe new prices will take effect on March 12. Trump also called on Canada to withdraw up to 390% of dairy prices and warned of higher prices on Canadian cars by April 2.

In his statement, President Trump criticized Canada’s longtime prices on American dairy products, which vary from 250% to 390%, calling them “scandalous”. He also threatened to declare a national emergency concerning electricity to counter what he described as an “abusive threat” of Canada.

“Flagrant” prices

In addition, Trump has warned that if Canada does not eliminate other “flagrant” prices, the United States will considerably increase the prices on imports of Canadian automobiles from April 2 – a move which he claims to “actually close the car manufacturing company in Canada”.

Trump also said that “the only thing that makes sense is that Canada becomes our fifty and first state. It would make all prices, and everything else would disappear completely. »»

The markets reacted to the announcement. Bitcoin (BTC) dropped by 4.2%, diving below $ 80,000 while the Dow Jones fell nearly 600 points. Investors responded both to commercial tensions and the administration declaration that no new bitcoin buys were planned for the national strategic reserve.

Bitcoin rebounded at more than $ 81,000 when writing the editorial’s time.

The price dispute Follows Trump’s prices on Canadian and Mexican products. Canada and Mexico have pushed back, citing violations of trade agreements.