Key Points:
- President Trump tariffs on Mexico have been delayed to negotiate a trade deal, with both nations addressing issues like weapons trafficking.
- Canada responds with a 25% tariff on $155 billion in U.S. goods, while China plans to challenge U.S. tariffs at the World Trade Organization.
Bitcoin and other major assets experienced a surprising upswing following a day of sharp declines, spurred by news that President Donald Trump would delay the planned implementation of tariffs against Mexico.
Read more: President Donald Trump Signs Executive Order Banning Central Bank Digital Currencies in the U.S.
Trump Tariffs on Mexico Delayed to Pursue Trade Negotiations
The pause in Trump tariffs on Mexico came as part of a broader agreement, with Trump aiming to negotiate a trade deal. Mexican President Claudia Sheinbaum confirmed on X that the deal also includes a U.S. commitment to addressing the trafficking of high-powered weapons to Mexico.
The two leaders held a phone call on Monday, hours before Trump tariffs on Mexico, China, and Canada were set to take effect. Trump expressed optimism about the negotiations, which will be led by U.S. officials, including Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick, along with high-level representatives from Mexico.
The development follows Trump’s recent imposition of 25% tariffs on goods from Mexico and Canada and 10% on Chinese imports. Sheinbaum had previously threatened retaliatory tariffs but did not specify rates.
Over $2 Billion in Cryptocurrency Liquidations Amid Market Volatility
Canadian Prime Minister Justin Trudeau announced on Saturday that Canada would impose a 25% tariff on $155 billion worth of U.S. goods in response. China, in turn, has vowed to challenge the tariffs at the World Trade Organization.
In the cryptocurrency market, more than $2 billion in positions were liquidated over the past 24 hours, according to CoinGlass. However, Bybit CEO Ben Zhou suggested that the actual number may be higher.
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