Trump tariff turmoil 📉

Bitcoin and other coins fell alongside stocks Friday as Trump unveiled substantial tariffs for Canada, Mexico, and China.

Author

Andrew Hayward
January 31, 2025

📝 What you need to know

Bitcoin and other major coins like XRP and Solana fell fast Friday afternoon as President Donald Trump’s administration unveiled promised tariffs on Canada, Mexico, and China.

Trump’s taxes on imported goods are set to begin Saturday, with 25% tariffs levied on America’s neighbors and 10% for China. Crypto prices plunged on the announcement, as did stock markets, throwing another curveball into a volatile week.

The last few days have been marked by a broad price plunge tied to fear over China’s surprise DeepSeek AI model that rivals the U.S. giants, and a rebound following Federal Reserve Chair Jerome Powell’s positive comments on banks handling crypto.

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(Sponsored post by Xsolla)

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