Bitcoin Sinks to $100K as Trump Imposes Tariffs on Canada, Mexico, China

President Trump has followed through on tariff threats, imposing 25% tariffs on nearly all imports from Mexico and Canada, and a 10% tariff on goods from China. The tariffs are effective beginning Tuesday. The president cited the influx of illicit opioids and other drugs as the reason for the levies.

With traditional markets closed for the weekend, crypto markets are bearing the brunt of the risk-off reaction to the tariffs. Bitcoin (BTC) is lower by 2% and just hanging on above $100,000 after rising as high as $106,000 only a bit more than 24 hours ago. Altcoins are faring worse, with ether (ETH), XRP, and solana (SOL) lower by 6%-8%. The broad market gauge CoinDesk 20 Index is down 4.8%.

There will be no exemptions to the tariffs, a senior White House official told the WSJ, and they will remain in place until the president is satisfied the named countries have stopped the flow of fentanyl into the U.S.

Outgoing Canadian Prime Minister Justin Trudeau wrote on X yesterday, "No one — on either side of the border — wants to see American tariffs on Canadian goods. If the United States moves ahead, Canada’s ready with a forceful and immediate response."