Trump Delays Trade Tariffs on Canada and Mexico, Cryptocurrency Recovers

Click the avatar to watch live and catch the bull market dynamics

Trump's suspension of tariffs has led to a much-needed recovery in the cryptocurrency market. The U.S. President also signed an executive order to explore a U.S. sovereign wealth fund. This has sparked speculation about potential Bitcoin investments, especially after Senator Cynthia Lummis posted on social media. Additionally, after Trump dismissed Rohit Chopra, Treasury Secretary Scott Bessent was appointed as the acting director of the CFPB. The reasons for Bessent temporarily leading the CFPB are still unclear. Trump now has several favored candidates to lead major U.S. financial regulatory agencies.

Trump Suspends Tariffs on Canada and Mexico

After U.S. President Donald Trump announced the temporary suspension of tariffs on Canada and Mexico, the cryptocurrency market saw a significant rebound. This move came after discussions with Canadian Prime Minister Justin Trudeau, who confirmed in a statement on X that the 25% tariff would be suspended for at least 30 days.

Trudeau also shared Canada's plans to improve cooperation with the U.S., which includes implementing a $1.3 billion border security plan that involves appointing a fentanyl commissioner, designating drug cartels as terrorist organizations, and deploying helicopters and more personnel to strengthen the U.S.-Canada border.

The tariffs on Mexico have also been postponed by a month. Mexican President Claudia Sheinbaum stated that the two governments reached a series of agreements, including strengthening the shared land border while addressing trade and security issues. Despite the suspension, Trump told Bloomberg TV that negotiations are still ongoing, and tariffs could still be imposed if an agreement is not ultimately reached.

Click the avatar to watch live and catch the bull market dynamics