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Cryptocurrency News Articles

Crypto Markets Rebound After Trump Halts Tariffs on Canada and Mexico

Feb 04, 2025 at 08:32 am

Crypto markets experienced a notable rebound after U.S. President Donald Trump decided to temporarily halt proposed tariffs on Canada and Mexico.

Crypto Markets Rebound After Trump Halts Tariffs on Canada and Mexico

Crypto markets showed signs of recovery on June 16 after the U.S. administration decided to temporarily halt proposed tariffs on Canada and Mexico. This development follows phone calls between President Donald Trump and the leaders of both nations, where they agreed to implement measures aimed at curbing illegal drug flow and immigration into the United States.

Canadian Prime Minister Justin Trudeau announced that tariffs would be paused for at least 30 days, allowing time for Canada to enhance its coordination with the United States. Part of Canada’s plan includes a $1.3 billion initiative to improve border security, appoint a Fentanyl Czar, and classify drug cartels as terrorists.

“We’re going to continue working very hard over the next 30 days, putting forward the strongest possible measures to keep Canadians safe, keep our communities safe, from the scourge of illegal narcotics,” Trudeau said during a press conference.

After a phone call with Trump, Mexican President Claudia Sheinbaum reported that the two countries have reached a series of agreements to tighten security and trade along their shared border. These agreements include deploying 6,000 members of Mexico’s National Guard to the border and setting up a joint task force to prevent the flow of illegal drugs.

“We’re going to continue working together with the United States to find a solution that benefits both countries,” Sheinbaum said in a statement.

The announcements from these world leaders triggered a recovery in the crypto market, which had seen a sharp decline just a day earlier due to fears over potential tariffs on China, Mexico, and Canada. The cryptocurrency market faced significant liquidations, with estimates putting potential capital losses around $10 billion.

Bitcoin saw a surge, surpassing the $100,000 mark after dropping to a low of $92,000 the previous day. Ether, which had also dipped to $2,451, recovered to $2,880 according to CoinMarketCap figures.

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