Where protectionism sets the tone, President Trump announced tariffs of 35% on Canadian imports and new levies of 15–20% on other trading partners, shaking international markets and depreciating the Canadian dollar. Meanwhile, Bitcoin reached a record near USD 118,000, driven by institutional appetite and a crypto-friendly environment in the U.S. The IMF supports the European strategy of diversifying trade agreements to mitigate the tariff impact, although it warns that growth in the Eurozone in 2025 will be just 0.8% and recommends fiscal discipline. Additionally, the dollar suffered its largest semiannual decline against the euro (–13.2%), driven by high public debt, deficits, and monetary tensions in the U.S., which favors flows into European assets and currencies.