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Trump doubles down on tariffs on Canada, and Bitcoin slows down again
By Davide Grammatica
Bitcoin's struggle to stay above $80k is again compromised by Trump's trade policy, who has announced 50% tariffs on Canadian steel and aluminum
Bitcoin “betrayed” again by Trump
A morning that gave hope for a significant consolidation of Bitcoin above $80k was again “canceled” by the latest moves of Donald Trump, who announced a further increase in tariffs imposed on Canada.
The new administration plans to increase taxes on Canadian imports of steel and aluminum by an additional 25%, bringing the total tariffs to 50%. This is leading to the most classic of “back and forths”, with Canada imposing new tariffs on electricity exports, and the US on industrial materials.
Obviously, the markets don’t like the situation at all, and are also suffering in some ways from the tightening of the USA’s economic relations with countries all over the world. So, in a context in which investors are already worried about the impact of tariffs and a possible recession, Bitcoin has slipped back below $80,000.
The stock market is also suffering. After a boost from better-than-expected US labor data, it was immediately crushed by the selling pressure resulting from the announcement of new tariffs.
BTC's difficulties
According to several analysts, another aspect of Trump is also slowing down BTC’s run, namely his apparent indifference to the risks of a recession, to the detriment of risky assets.
However, other positive signals remain. In fact, the same risk aversion of investors has also caused a drop in the yields of US Treasury bonds of about 60 basis points, as well as weakening the dollar (with the DXY at its lowest point since October 2024).
At this point, one wonders if BTC will end up falling again, testing new support levels. But what seems to be the case is that the price trend is largely influenced by the decisions made at the White House, both positively and negatively.
