The post Trump’s Tariff Promise Halts Bitcoin Rally for Second Consecutive Day appeared first on Coinpedia Fintech News President Donald Trump aims to reshape U.S. trade policy by using tariffs, one of his preferred economic tools. Before and after returning to office, he has repeatedly suggested imposing tariffs. Also, Tariffs could impact inflation by driving prices up. This, in turn, might affect the Federal Reserve’s decisions on interest rates in the near future and beyond. Recently, Crypto saw a repeat of previous trends after a report about a tariff delay was quickly dismissed by the White House, indicating that market’s optimism was once again short-lived. Trump’s Tariff Announcement Sends Bitcoin Lower President Trump announced Thursday that 25% tariffs on Mexico and Canada would start on February 1. Bitcoin, which had surged over $106,000, fell 2% to around $104,000 after the news. U.S. stocks gave up some gains but still ended the day higher. “The President will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans,” White House spokesperson Karoline Leavitt said during a White House press briefing. BREAKING: Karoline Leavitt confirms that the Reuters report is FALSE. Tomorrow, Feb 1st is the deadline for the tariffs There will be a 25% tariff on Canada, a 25% tariff on Mexico, and a 10% tariff on China No clarification on exemptions They will be LIVE in under 24 hours pic.twitter.com/7pzV9pblD9 — Autism Capital (@AutismCapital) January 31, 2025 On Friday, Reuters reported that tariffs would be delayed until March 1, with a process allowing countries to request exemptions for certain exports. However, the White House quickly rejected this, with Press Secretary Karoline Leavitt confirming that the tariffs, including a 10% levy on China, will take effect the next day. Notably, Trump’s tariffs and possible retaliation from Canada and Mexico could affect $1.6 trillion in North American trade, potentially ending the free trade system that has connected the three countries for over 30 years. Like Thursday, Bitcoin had risen above $106,000 and appeared ready to break the $109,000 mark. However, the tariff news caused prices to tumble down again, with Bitcoin trading just under $103,000, down 2.3% in the past 24 hours.
