US President Donald Trump made a statement about new customs duties that put pressure on the Bitcoin (BTC) and cryptocurrency markets.
Donald Trump has instructed his Commerce Secretary to double the tariff on steel and aluminum imported from Canada from 25 percent to 50 percent.
Trump also said he would impose a 25% tariff on electricity imported from Canada.
Trump has said he will take tough action against Canada, saying he will significantly increase Tariffs on Cars Coming into the US on April 2 if other excessive, long-standing tariffs are not dropped by Canada.
“If other excessive, long-standing Tariffs are not also reduced by Canada, I will be significantly increasing Tariffs on Cars coming into the US on April 2nd, which will essentially permanently close down the auto manufacturing business in Canada. These cars can easily be made in the US.”
Trump also recently stated that if Canada became a state of the United States, he would remove all tariffs.
“Furthermore, Canada pays very little for National Security and relies on the US for military protection. We subsidize Canada by over $200 Billion per year. WHY??? This can't continue.
The only thing that makes sense is for Canada to become our precious Fifty-First State. That would completely eliminate all Tariffs and everything else.”
The decision, shared by Trump on his Truth Social account, will come into effect on March 12.
Repeated changes in trade policy are causing volatility in markets, while consumer confidence continues to weaken.
Bitcoin fell below $80,000 again after Trump announced new tariffs on Canada.
*This is not investment advice.
