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Trump threatens EU and Canada with increased tariffs – could the crypto market be further destabilized?
Donald Trump threatens higher tariffs: Impact on the crypto market Donald Trump has warned the European Union and Canada that they will face even higher tariffs if they try to harm the US economy. This announcement could further destabilize the already volatile landscape of the cryptocurrency market. In a post on Truth Social, the former president said: "If the European Union colludes with Canada to cause economic harm to the United States, large-scale tariffs will be imposed - far larger than currently planned - to protect the best friend country they have ever had!" This threat follows previous actions taken by Trump earlier this...
Trump threatens EU and Canada with increased tariffs – could the crypto market be further destabilized?
Donald Trump threatens higher tariffs: impact on the crypto market
Donald Trump has warned the European Union and Canada that they will face even higher tariffs if they try to hurt the US economy. This announcement could further destabilize the already volatile landscape of the cryptocurrency market. In a post on Truth Social, the former president said: "If the European Union colludes with Canada to cause economic harm to the United States, large-scale tariffs will be imposed - far larger than currently planned - to protect the best friend country they have ever had!"
This threat follows previous measures implemented by Trump earlier this month. He imposed 25 percent tariffs on imports from Canada and Mexico and 20 percent on Chinese goods. Trump justified these decisions with security concerns, particularly related to immigration and fentanyl smuggling. If the European Union and Canada are targeted, this will pose new challenges for the markets. Tariffs typically increase the cost of imported goods, which can lead to inflation. This often forces central banks like the Federal Reserve to tighten monetary policy - a scenario that could weigh on cryptocurrencies like Bitcoin (BTC) in the short term.
Despite a brief sell-off in Asia, some investors remain optimistic. Jupiter Zheng of HashKey Capital told CoinDesk: “As US regulations become more restrictive, Asian institutions are driving growth with new funds, products and innovations, supported by pro-crypto laws.” Zheng believes that Asia could potentially become the next epicenter of the bull market. BTSE's Jeff Mei added that Bitcoin has recovered despite falling stock markets and that the worst may be over. “We could soon see rising prices as inflation fears ease in the US and interest rate cuts get closer,” Mei said.
Traders are now turning their attention to the release of Personal Consumption Expenditure (PCE) data on March 28, which could influence the Federal Reserve's interest rate policy. The market showed mixed reactions: XRP and Solana (SOL) lost 2% each, while Ether (ETH) and BNB remained stable. Dogecoin (DOGE), on the other hand, lost some gains after a previous 3.5 percent increase. One bright spot was the Sui Network’s SUI, which rose 7% ahead of the mainnet launch of the Walrus protocol.
Trump's "America First" rhetoric that says "America's liberation is coming soon, we've been exempt from almost every country for years" could increase uncertainty among investors. A stronger US dollar, driven by tariff policy, could put further pressure on BTC as investors may flee to gold or cash. Nevertheless, experts see the pro-crypto developments in Asia as a potential balance to the challenges in the USA. The coming days will show whether the market stabilizes or whether further turbulence is imminent.