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Crypto markets rebound as Trump puts Canada, Mexico tariffs on hold

Both Canada and Mexico have agreed to implement policies to stop the flow of illegal drugs and immigration into the US after a phone call with US President Donald Trump.

Crypto markets sharply rebounded after US President Donald Trump agreed to put a temporary hold on proposed tariffs aimed at Canada and Mexico as negotiations with the countries continue.

In a Feb. 3 statement on X, Canadian Prime minster Justin Trudeau said that after a phone call with Trump, the 25% tariffs would be paused for at least 30 days and the two countries would work together.

Trudeau says Canada would be enhancing “coordination with our American partners” by implementing a $1.3 billion border plan, including appointing a Fentanyl czar, listing cartels as terrorists and reinforcing the US-Canada border with helicopters and more personnel.

Mexico’s tariffs have also been paused for a month. Mexico President Claudia Sheinbaum said in a Feb. 3 statement to X that the two leaders had “reached a series of agreements,” with a similar promise of reinforcing the land border shared between the two countries.

“Our teams will begin working today on two fronts: security and trade. They are pausing tariffs for one month from now,” Sheinbaum said.