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Just In: Donald Trump Clarifies Start Date For Tariffs on Mexico & Canada, Bitcoin To $80K?

Donald Trump confirms tariffs on Mexico, Canada, China (+10%), EU (Apr 2) as Bitcoin drops to $85k amid market concerns and trade tensions.
Just In: Donald Trump Clarifies Start Date For Tariffs on Mexico & Canada, Bitcoin To $80K?

Highlights

  • Trump confirms tariffs on Mexico, Canada, and China, causing Bitcoin to drop below $86K amid market instability.
  • Bitcoin faces 4th consecutive loss, falling to $85,697 as tariffs on Mexico and China spark broader market concerns.
  • Bitcoin ETFs see $2.1B in withdrawals, as tariffs and security breaches fuel market volatility and investor fear.

Donald Trump has confirmed that tariffs on Mexico and Canada will take effect on March 4 if drug flows into the United States are not reduced. He also announced an additional 10% tariff on China, while a 25% tariff on the European Union remains set for April 2.

The cryptocurrency market reacted negatively to the news, with Bitcoin dropping again toward $85,000 after experiencing sharp declines over the past few days.

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Donald Trump Confirms Tariff Timeline on Mexico, Canada, and China

US President Donald Trump has stated that the United States will move forward with tariffs on imports from Mexico and Canada unless measures are taken to curb drug trafficking, especially fentanyl.

He emphasized the need to address the issue, calling the substances “dangerous and highly addictive poisons.”

He also confirmed that China will face an additional 10% tariff starting on the same date. “We cannot allow this scourge to continue,” Trump said, reiterating his stance on trade and national security. The reciprocal tariff on the European Union, set for April 2, remains unchanged.

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Bitcoin Faces Steep Decline Following Announcement

Following Trump’s confirmation of the tariffs, Bitcoin price has experienced a decline, falling below $86,000 again. According to Coingape, Bitcoin price dropped by 0.51% to trade at $85,697, marking its fourth consecutive day of losses. The decline comes amid broader market concerns, with analysts warning of further corrections towards the $80K support before stability returns.

Independent analysts, such as Scott Melker, have observed that while Bitcoin’s Relative Strength Index (RSI) suggests it is oversold, a definitive rebound has yet to occur. Investors have shown growing concern as market conditions continue to worsen, with fears that Bitcoin could continue its downward trajectory, possibly testing the $80,000 support level. The uncertainty in the market is compounded by the broader economic environment, which remains unsettled due to rising tensions and Trump’s economic policy.

The decision to impose tariffs is seen as part of a broader strategy to address the drug crisis, but it has also contributed to increased financial volatility. The situation is further complicated by a major security breach in the cryptocurrency space, where a hack on Bybit resulted in $1.4 billion in losses, further diminishing investor confidence. These factors, along with Trump’s tariff plans, have created a perfect storm for market instability, leaving many investors on edge as they wait to see how the situation will unfold.

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Crypto Market Outlook Amid Volatility

With Bitcoin price facing a challenging period, analysts have been cautious in their predictions for the cryptocurrency’s near future. Some experts speculate that Bitcoin may test the $80,000 mark in the coming days if the current downtrend continues.

The market’s extreme fear, as indicated by the Crypto Fear & Greed Index, suggests that many investors are already looking for exit opportunities, with significant withdrawals from Bitcoin ETFs further stressing the market. However, with the Bitcoin hash price period in this time in its lows, the BTC price dip may be nearing its end despite the tariffs announcement.

The broader crypto market has also seen significant capital outflows, with smaller investors leading the charge. In total, Bitcoin ETFs have experienced six consecutive days of withdrawals, totaling $2.1 billion. As liquidity continues to dry up, analysts are questioning whether Bitcoin can find new support or if further corrections are inevitable. The volatility continues to be a significant concern for investors, who remain uncertain about the direction of the cryptocurrency market in the coming weeks.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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