Bitcoin Bounces Back Above $79K Amid Trump Tariff Threat

U.S. President Donald Trump's threat to impose 50% tariffs on Canadian vehicles and steel has had a limited impact on Bitcoin's price, which rebounded above $79,000 after briefly dipping to around $78,200.

The proposed duties are set to take effect from January 1, 2027, but auto industry executives have questioned whether the 50% rate would actually be implemented, given Trump's history of withdrawing or revising tariff threats during negotiations.

Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, noted that U.S. assembly plants rely on specific Canadian components and could face production stoppages if the tariff threat disrupts their supply.