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The cryptocurrency market faced dramatic losses as Bitcoin 
$110,735 dropped to $91,231 during the opening of Asian markets. This decline in Bitcoin’s value triggered even greater losses among altcoins, with many cryptocurrencies falling below their previous lows. As the article was being prepared, there were discussions regarding additional customs tariffs. What will happen next?
US Customs Tariff Impact
Before taking office, Trump hinted at his ability to enforce his will, claiming he had sufficient leverage. Now, he has begun punishing China, Canada, and Mexico with additional customs tariffs. This move, which could lead to rising product prices and inflation, may have the potential to reverse interest rate cuts this year, pushing us closer to a trade war.
Meanwhile, Ontario Premier Ford stated the following as the article was being finalized:
“We are terminating Ontario’s contract with Starlink. US companies are banned from state contracts, and the ban takes effect today until US customs tariffs are lifted.”
White House Economic Council Director Hassett also warned that “Trump will decide what to cancel.” This statement served as another warning to other nations. Reuters had previously reported that customs tariffs were unlikely, which had already been factored into the market. However, after Trump’s comments and official actions taken on Friday, market sentiment shifted.
