Polymarket Bettors Anticipated a Higher Chance That President Donald Trump Will Remove Tariffs on Canada Before the Summer

The odds in favor of a betting contract titled "Will Trump remove tariffs on Canada before May?" surged from 30% to 52% in the last 24 hours

Bettors on the cryptocurrency-based prediction market Polymarket now anticipate a higher chance that President Donald Trump will remove tariffs on Canada before the summer, especially after Commerce Secretary Howard Lutnick hinted at the possibility of relief.

What Happened: The odds in favor of a betting contract titled "Will Trump remove tariffs on Canada before May?" soared from 30% to 52% in the last 24 hours on the Polygon (CRYPTO: POL)-based platform.

The market will resolve to "Yes" if Trump signs any federal legislation or performs any executive action that removes the 25% tariff on Canada by April 30, the contract stated.

Note that Polymarket is not available to U.S. residents due to regulatory hurdles.

A similar wager on the federally regulated betting platform Kalshi predicted a 75% chance of the current tariffs ending or getting reduced before March 6.

See Also: Whale Leveraged 50x Short Sees $81 Million In Paper Gains As Ethereum Plummets After Trump’s Tariff Confirmation

Why It Matters: The dramatic surge came after Trudeau imposed retaliatory tariffs on U.S. imports. In response, Trump warned of increased tariffs equal to Canada’s retaliatory measures.

However, Lutnick’s statements helped defuse the situation somewhat as he assured that a middle ground would be found, adding that Trump is very "fair" and "reasonable" on the subject.

The fears of a full-blown trade war have sent risk-on markets like equities and cryptocurrencies tumbling in recent weeks.

The S&P 500 has lost 4.30% in the last month, while the world’s largest cryptocurrency, Bitcoin (CRYPTO: BTC), fell over 7%.

Photo Courtesy: Shutterstock.com