Trump Slaps Tariffs on Canada, Mexico, China; Crypto Markets Tumble

President Trump has signed an executive order imposing tariffs on Canada, Mexico, and China, effective Tuesday. The tariffs, which include a 25% levy on nearly all imports from Mexico and Canada and a 10% tariff on goods from China, are a result of the president's ongoing efforts to address the issue of illicit opioids and other drugs entering the United States.

The White House has stated that there will be no exemptions to the tariffs, which will remain in place until the president is satisfied that the named countries have stopped the flow of fentanyl into the U.S. In response to the tariffs, outgoing Canadian Prime Minister Justin Trudeau has warned that Canada is prepared to retaliate with a "forceful and immediate response" if the United States moves ahead with the tariffs.

The announcement of the tariffs has had an impact on global markets, with traditional markets closed for the weekend. Cryptocurrencies, in particular, have been affected by the risk-off reaction to the tariffs. Bitcoin (BTC) has fallen by 2% and is currently hovering just above $100,000, after reaching a high of $106,000 less than 24 hours ago. Altcoins have also been affected, with ether (ETH), XRP, and solana (SOL) down by 6%-8%. The broad market gauge CoinDesk 20 Index has fallen by 4.8%.

The tariffs are part of a broader effort by the Trump administration to address the issue of illicit drugs entering the United States. The president has previously expressed concern about the impact of these drugs on the U.S. healthcare system, public services, and communities. The White House has stated that the tariffs are necessary to put pressure on the named countries to take action to stop the flow of fentanyl into the U.S.

The impact of the tariffs on global markets and cryptocurrencies remains to be seen. As the situation develops, investors and traders will be closely watching the reaction of markets and governments to the tariffs. The White House has stated that the tariffs will remain in place until the president is satisfied that the named countries have taken action to address the issue of illicit drugs entering the United States.