Trump’s Unyielding Stance on Import Tariffs

President Donald Trump has announced plans to impose tariffs on Mexico and Canada starting 4 March, while also doubling the universal tariff on Chinese imports to 20%.

Citing concerns over illicit drug trafficking, particularly fentanyl, Trump argued that these measures would pressure other nations to take stronger action.

He warned that unless trafficking is curbed, the tariffs will proceed as scheduled.

On 1 February, Trump signed executive orders imposing 25% tariffs on Canadian and Mexican imports, along with a 10% duty on Canadian energy.

However, he temporarily paused these tariffs after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum committed to strengthening border enforcement.

The US administration subsequently delayed tariffs on Canadian goods by 30 days and Mexico’s by one month to allow further negotiations and finalise an economic agreement.

Canadian Industry Minister François-Philippe Champagne stated on Wednesday that Canada is actively working to prevent fentanyl from entering the US and is coordinating efforts to curb illegal immigration.

He emphasized that Ottawa is committed to addressing these concerns, a position well understood in Washington.

Meanwhile, Trump has also threatened new 25% tariffs on European imports, citing frustrations over trade imbalances and the EU’s financial contributions to the Ukraine war.

He accused the bloc of unfairly restricting US goods while benefiting from American economic and military support.

Majority of Americans Against Canada & Mexico’s Tariffs

A recent poll revealed that more Americans oppose the tariffs on Canada and Mexico than support them, reflecting uncertainty about their economic impact.

James Frayne, founding partner at Public First, noted that the public remains unclear on what to expect from these measures, emphasizing that tariffs are not traditionally viewed as an economic tool but have been increasingly used in recent years.

Steve Cohen, chairman and CEO of hedge fund Point72, warned that Trump’s trade policies could drive inflation and weaken consumer spending.

He also cautioned that the president’s hardline stance on immigration may strain the labor market, leading to unforeseen economic consequences.

Bitcoin Dips to $82,000, Far From its $109,000 ATH

Bitcoin tumbled to $85,000 as Wall Street opened on 27 February, reacting to the confirmation of new US trade tariffs.

Currently trading at $82,351.72 the cryptocurrency has posted a drop of 3.05% in the past 24 hours and a 16.16% in the last seven days.

Market analysts point to increased stock market correlation and declining liquidity as key factors behind Bitcoin’s struggles.

Trading resource The Kobeissi Letter noted that smaller investors are leading the sell-off, driving record outflows from US spot Bitcoin ETFs.

It wrote on X (formerly known as Twitter):

“Ironically, a lot of it flows back into the US Dollar.”

Popular trader Justin Bennett echoed these concerns, sharing an illustrative chart to highlight the trend:

“Bitcoin looks determined to close that $77,360 November CME gap, which could intersect with the September 2023 trend line. Probably some relief in March from this area, but the monthly chart looks toppy unless $BTC can miraculously close February above $92k. The odds aren't looking good.”

#Bitcoin looks determined to close that $77,360 November CME gap, which could intersect with the September 2023 trend line.

Probably some relief in March from this area, but the monthly chart looks toppy unless $BTC can miraculously close February above $92k.

The odds aren't… pic.twitter.com/9hKOBqZLIG
— Justin Bennett (@JustinBennettFX) February 27, 2025
a