Cryptocurrency traders were taken aback as the recent surge quickly reversed. Traders find themselves in a nightmare scenario amidst discussions of tariff increases. Moreover, concerns grow that more actions could unfold in April, indicating this situation is more than just a bargaining struggle. So, how might Trump elevate cryptocurrency prices this time?
Cryptocurrencies May Rise
As this article was being prepared, U.S. Secretary of Commerce Lutnick made significant remarks. The recently implemented additional tariffs on Mexico and Canada could be swiftly reversed. However, Trump had earlier stated that he might counter the tariffs imposed by Canada with an equivalent response.
The U.S. Secretary of Commerce also expressed more moderate and even hopeful sentiments. This led to the price of BTC recovering to $88,000.
“If USMCA rules are followed, Trump is considering offering concessions. On April 2, we will see tariff changes with Canada and Mexico.
The administration aims to balance the U.S. budget. Trump will move alongside Canada and Mexico, but not until the end. An announcement regarding tariff compromises is likely to be made tomorrow. Trump is contemplating concessions for USMCA-compliant goods.
Tomorrow, Trump could retract tariffs on Canada and Mexico.”
USMCA (United States-Mexico-Canada Agreement) is the trade agreement between the U.S., Mexico, and Canada. It replaced NAFTA. This could be a significant step to prevent the tariff from escalating into a trade war and may support the markets, although the 20% tariff on China remains in place, and threats against the EU and others continue from Trump.
