🚨 Update on a series of hot macro news

🇺🇸🇨🇦US - Canada Tariffs

The US will not double the tariffs (from 25% to 50%) on steel and aluminum imported from Canada. The reason? The Ontario government has agreed to postpone the 25% tariff on electricity exports to the US (specifically Michigan, New York, and Minnesota).

However, the 25% tariff remains in place for Canadian steel and aluminum, effective from March 12.

This is the latest move in a series of chaotic trade decisions that have pressured the market over the past three weeks.

🇺🇦🇷🇺Ukraine - Russia Conflict

Ukraine has accepted the US proposal for a 30-day ceasefire with Russia in exchange for military aid. This is the result of negotiations on March 11 in Saudi Arabia.

The US wants Russia to also take a similar step towards peace. But so far, according to Viktor Sobolev, Deputy of the Russian State Duma: "Russia will not agree to a 30-day ceasefire because it only allows Ukraine to regroup and rearm. A temporary ceasefire is unacceptable."

Clearly, the US, Ukraine, and Russia are envisioning very different paths to achieve peace. President Trump stated that he would have a phone call with Russian counterpart Vladimir Putin and invite Ukrainian President Zelensky back to the White House after Kiev agrees to the 30-day ceasefire.

This series of news has helped the market recover, with BTC bouncing back to $83K, altcoins slightly up but not significantly🥲