At 06:00 CET today, Trump's tariffs officially took effect, introducing a 25% duty on imports from Mexico and Canada, while increasing tariffs on Chinese goods from 10% to 20%. These measures impact nearly $2.2 trillion in annual bilateral trade with the US top three trading partners, citing concerns over their inability to curb the flow of fentanyl into the US.
Trump also announced that new tariffs on foreign agricultural products will take effect from April 2, writing in a Truth Social post: “To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!”.
China retaliated with countermeasures, announcing 10-15% tariffs on US agricultural products effective March 10. Canada also announced immediate retaliatory tariffs on over $20 billion of US imports, with plans to target another $87 billion if Trump's measures remain in place after 21 days.
Asian markets tumbled on Tuesday as Trump's tariffs took effect. The selloff mirrored Wall Street's overnight plunge following confirmation of Trump's tariff implementation.
Bitcoin has dropped over 9.5% over the past 24h, currently trading at $83,400, as sell-side pressure kicked in. Ether also dropped 12.7% to $2,080. Between Mar 3 00:00 and Mar 4 09:00 CET, crypto markets are down -$460 billion, marking almost a 15% decrease from $3.15tn.
The major reversal lead to over $1bn in crypto liquidations in the past 24 hours, with $863.61m (almost 86%) of them long positions.
According to Arkham Intelligence, Fidelity bought $200m worth of BTC in the span of 4 hours on Mar 3 at around 14:00 CET.
On Mar 3, 2025, Coinbase filed a Freedom of Information Act (FOIA) request to uncover the exact amount spent by the SEC on non-fraud investigations and enforcement actions against the cryptocurrency industry under former chairman Gary Gensler.
