Yesterday, as Trump promised, the U.S. implemented a 25% tariff on Canada and Mexico and a 10% tariff on China.
It was the initial beginning of the 2.0 trade war that U.S. President Donald Trump started on a broader scale compared with his presidency in 2016, which mainly targeted China.
But will Canada, Mexico, and China will stay quietly with this tariff?
The Canada Strikes Back
After the announcement of the Trump tariff, Canada retaliated by also giving a 25% tariff on C$155 billion of U.S. goods.
This announcement was made by the prime minister of Canada, Justin Trudeau, a few hours after the U.S. officially implemented the Trump tariff, which included a 25% tariff on goods imported from Canada and an additional 10% tariff on all energy imports from Canada.
On the other hand, Mexico is also preparing its own measures to retaliate against this tariff, with an estimated tariff rate of 5% to 25%.
Meanwhile, China has denounced Trump's decision on tariffs. Highlighting a milder response to how Canada and Mexico responded.
Red Day for the Crypto Market
Trump's tariff decision is influencing not only international trade but also the crypto market.
Most of the crypto coins fell into a significant number after the official announcement of this tariff.
$BTC is down 4.44% since yesterday to $97,095
While $ETH has also dropped 8.28%, breaking the $3,000 support level and falling to $2,909.
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And that's all for today!
What are your thoughts on this new trade war?
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