Bitcoin Rebounds 7% as Trump Announces 50% Tariffs on Canadian Imports

Bitcoin experienced a notable rebound, surging from $79,000 to $81,200 as the U.S. stock market opened following President Trump's announcement of additional 25% tariffs on Canadian steel and aluminum imports. This move brought the total tariff on these imports to 50%. The president also issued a warning of a substantial increase in tariffs on autos entering the U.S. from Canada if other long-standing tariffs were not dropped by April 2. This announcement came after a period of market jitters, with Bitcoin initially dropping to $79,000 and then cooling a 7% rebound after the March 11 market open.

The U.S. stock market saw significant losses, with the Dow Jones Industrial Average down more than 600 points, or about 1.6%, while the Nasdaq Composite and S&P 500 fell 0.9% and 1.3%, respectively. The losses followed Monday's sell-off, triggered by concerns about the effects of Trump's tariffs on economic growth, which spooked investors. The Dow fell 890.01 points, or 2.08%, while the Nasdaq Composite and S&P 500 slid 4% and 2.69%, respectively. The Dow and the S&P 500 saw their worst day since December 18, and the tech-heavy Nasdaq had its worst day since September 2022.

Financial markets have been volatile in recent weeks as rising trade tensions and signs of slowing U.S. economic growth weighed on consumer confidence and business activity. Investors are grappling with a barrage of new policies from the Trump administration, particularly in trade, where back and forth on tariff policy has increased uncertainty for businesses, consumers, and investors. The narrative around tariffs changes daily, causing uncertainty and reflecting more in the Nasdaq, as technology stocks are more influenced by risk sentiment.

Bitcoin's price decline to $79,000 following Trump’s announcement of additional 25% tariffs on Canadian steel and aluminum imports reflects growing concerns about how protectionist trade policies might impact the broader economy. This decline marks the latest chapter in a tumultuous period for Bitcoin, which has struggled to maintain momentum amid escalating trade tensions. When Trump first announced sweeping tariffs on China, Mexico