Bitcoin rose by more than 1% on Tuesday after tepid moves the previous day as U.S. President Donald Trump indicated further easing of tariffs with the possibility of suspending tariffs on cars.

The largest cryptocurrency in the world rose by 1.1% to $85,478.1 by 09:23 AM Saudi time.

Trump hints at suspension of car tariffs; continued U.S.-China tensions

President Donald Trump indicated on Monday possible exemptions from the 25% tariffs on foreign car imports, providing relief to key trading partners like Mexico and Canada.

The statements, which come amid increasing global trade uncertainty, signaled a more selective approach to imposing tariffs and gave markets some reasons for optimism.

The administration had already rolled back some planned tariffs, including exemptions for a range of electronics such as smartphones and laptops, most of which are imported from China.

Despite the apparent easing in tone, investors remain cautious. The Trump administration has been exploring the possibility of imposing new tariffs on semiconductor and pharmaceutical imports, two sectors deeply integrated into global supply chains.