Key Points:

• President Trump has enacted significant tariffs on imports from Mexico, Canada, and China.
• The tariffs, starting from February 3, include a 25% levy on imports from Mexico and Canada and a 10% tariff on Chinese goods.
• Trump cited the ongoing issue of drug trafficking as a reason for these tariffs.

Despite traditional markets being closed, cryptocurrency markets are experiencing turbulence due to heightened risks.

Bitcoin (BTC) is currently trading at around $100,000, after exceeding $106,000 within the last 24 hours, showing a decline of 2%.

Altcoins like Ether (ETH), XRP, and Solana (SOL) are experiencing even worse losses of between 6% to 8%. The CoinDesk 20 Index, a benchmark for the cryptocurrency market, has fallen by 4.8%.

There will be no exemptions granted for these tariffs until proper measures are taken to control the flow of illicit substances from these nations.

Justin Trudeau remarked, “No one—on either side of the border—wants to see American tariffs imposed on Canadian goods. Canada is prepared for a robust and immediate reply if the U.S. follows through.”