Market updates
Crypto markets rebound as Trump puts Canada, Mexico tariffs on hold
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2025-02-04 | 5m
Both Canada and Mexico have agreed to implement policies to stop the flow of illegal drugs and immigration into the US after a phone call with US President Donald Trump. Crypto markets sharply rebounded after US President Donald Trump agreed to put a temporary hold on proposed tariffs aimed at Canada and Mexico as negotiations with the countries continue.
In a Feb. 3 statement on X, Canadian Prime minster Justin Trudeau
said that after a phone call with Trump, the 25% tariffs would be paused for at least 30 days and the two countries would work together. Trudeau says Canada would be enhancing “coordination with our American partners” by implementing a $1.3 billion border plan, including appointing a Fentanyl czar, listing cartels as terrorists and reinforcing the US-Canada border with helicopters and more personnel.
Mexico’s tariffs have also been paused for a month. Mexico President Claudia Sheinbaum
said in a Feb. 3 statement to X that the two leaders had “reached a series of agreements,” with a similar promise of reinforcing the land border shared between the two countries. “Our teams will begin working today on two fronts: security and trade. They are pausing tariffs for one month from now,” Sheinbaum said.
In a Feb. 3 interview with Bloomberg TV, Trump
said the US and Mexico have not “agreed on tariffs yet” and they could still go into effect. The Feb. 1 executive order
imposing the tariffs on Mexico and Canada also slapped China with a 10% tariff, which hasn’t yet been paused. A Feb. 3 Wall Street Journal report
says the country’s government is prepared to negotiate. Citing sources, the Journal says China’s initial proposal involves restoring the Phase 1 trade deal signed in 2020 during Trump’s first term that requires Beijing to increase purchases of US exports by $200 billion over two years.
Bettors on crypto-based prediction platform Polymarket have
odds of 24% that Trump will completely remove the tariff on Mexico before March and give a 22%
chance for Canada to have its tariffs removed. China on the other hand, has been
listed as only having a 9% chance of having its tariffs removed next month.
Source:
CoinTelegraph
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