Trump Tariffs Escalate as US Raises Canadian Goods to 50% Rate

US President Donald Trump has announced plans to raise tariffs on Canadian goods to 50% starting January 1, 2024. This move follows a breakdown in trade talks between the two countries last week. In his Truth Social post, Trump stated that Canada will be treated like a state no longer and criticized the country for being among the worst nations to deal with on trade.

The latest tariffs are an escalation of the ongoing trade war between the US and Canada. The US had previously set global tariffs at 12.5%, just months after the US Supreme Court ruled that some of the tariffs were illegal. Canadian Prime Minister Justin Trudeau had announced retaliatory tariffs in response to the US move.

Bitcoin briefly fell to around $78,200 following the announcement but has since recovered and is trading above $79,000. The leading cryptocurrency has been rallying despite ongoing market uncertainties, including the US-Iran war and the latest trade tensions.