Crypto Recovers After Trump Delays Trade Tariffs on Canada and Mexico
The post Crypto Recovers After Trump Delays Trade Tariffs on Canada and Mexico appeared on BitcoinEthereumNews.com.
Trump’s tariff pause led to a much needed crypto market recovery. The US President also signed an executive order exploring a US sovereign wealth fund. This started speculation about potential Bitcoin investments, especially after a social media post from Senator Cynthia Lummis. Additionally, Treasury Secretary Scott Bessent was appointed acting director of the CFPB after Trump removed Rohit Chopra. For now, the reasons behind Bessent’s temporary leadership of the CFPB is still unclear. Trump now has a number of his preferred candidates leading major US financial regulatory bodies. Trump Pauses Tariffs on Canada and Mexico The cryptocurrency market experienced a sharp rebound after an announcement by US President Donald Trump that proposed tariffs on Canada and Mexico would be temporarily paused. The move came after discussions with Canadian Prime Minister Justin Trudeau, who confirmed in a statement on X that the 25% tariffs will be on hold for at least 30 days. Trudeau also shared Canada’s plans to improve cooperation with the United States by implementing a $1.3 billion border security plan, which includes the appointment of a Fentanyl czar, classifying cartels as terrorist organizations, and reinforcing the US-Canada border with helicopters and more personnel. Mexico’s tariffs have also been delayed for a month. Mexican President Claudia Sheinbaum stated that both governments reached a series of agreements, including reinforcing the shared land border while simultaneously working on trade and security concerns. Despite the pause, Trump told Bloomberg TV that negotiations are still ongoing and tariffs could still be imposed if agreements were not finalized. Meanwhile, the executive order issued on Feb. 1 that imposed tariffs on Mexico and Canada also included a 10% tariff on China, which is still in effect. A Wall Street Journal report suggested that China’s government is willing to negotiate, with its initial proposal reportedly centered on…
Filed under: News - @ February 4, 2025 5:19 am