Yigit Taha OZTURK 
President Donald Trump announced that the tariffs on steel and aluminum products imported from Canada will be increased to 50%. The decision was made after the Ontario province imposed a tax on electricity exported to the U.S. Trump stated on social media, “This decision will take effect tomorrow morning, March 12.”
With this move, the previous 25% tariff will be doubled, resulting in a new 50% tariff on Canadian-made steel and aluminum products. This decision could escalate the trade war between the U.S. and Canada, with its immediate impact already being felt in the markets.
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
Bitcoin Sees Sharp Drop
After Trump’s announcement of the tariff increase, risk appetite in the markets declined, and Bitcoin (BTC) saw a sharp pullback. The price of Bitcoin dropped by 2.5% during the day, falling to $80,631. Experts note that trade wars could put pressure on global economic growth, which in turn increases the selling pressure on risky assets.
Geopolitical and economic uncertainties are continuing to affect the cryptocurrency markets. Bitcoin‘s price volatility is expected to continue in the coming days.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.