U.S. President Donald Trump has temporarily suspended the newly issued tariffs on Canada and Mexico, leading to a positive response in the cryptocurrency market.
Trump's Tariff Decision
The 47th President of the United States, Donald Trump, announced a temporary hold on the imposed tariffs on Canada and Mexico. This decision followed negotiations with leaders from these countries, including Canadian Prime Minister Justin Trudeau, who confirmed the agreement over a phone call to delay the 25% tariffs for a month. Both countries continue to work on enhancing their cooperation.
Reaction from Mexico and Canada
Canadian Prime Minister Justin Trudeau stated that Canada will increase coordination with the USA, including a $1.3 billion border plan. Mexican President Claudia Sheinbaum mentioned that agreements on security and trade were reached following the tariff hold announcement. Despite the delay, the U.S. and Mexico have not yet finalized an agreement, and tariffs could still be implemented.
Crypto Market Reaction
The announcements have positively affected the cryptocurrency market. The largest cryptocurrency by market capitalization crossed the $100,000 mark again, reaching $101,731. Previously, it was trading at $92,000. The second-largest cryptocurrency also showed significant growth. The Crypto Fear and Greed Index moved up to 45, reflecting a state of neutrality.
The decision to temporarily halt tariffs has had a positive impact on the cryptocurrency market, prompting price increases and improving investor sentiment.
