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Updated Feb 1, 2025, 11:46\u202fp.m. UTC<\/span>Published Feb 1, 2025, 11:41\u202fp.m. UTC<\/span><\/p>\n<\/div>\n Following through on threats made throughout his campaign and repeated in the opening days of his presidency, Donald Trump has imposed 25% tariffs on nearly all imports from Mexico and Canada and a 10% tariff on goods from China.<\/p>\n The tariffs are effective beginning Tuesday.<\/p>\n “The sustained influx of illicit opioids and other drugs has profound consequences on our Nation, endangering lives and putting a severe strain on our healthcare system, public services, and communities,” said the president in his Executive Order authorizing the levies.<\/p>\n With traditional markets closed for the weekend, crypto is bearing the brunt of the risk-off reaction to the tariffs. Bitcoin (BTC) is lower by 2% and just hanging on above $100,000 after rising as high as $106,000 only a bit more than 24 hours ago.<\/p>\n Altcoins are faring worse, with ether (ETH), XRP, and solana (SOL) lower by 6%-8%. The broad market gauge CoinDesk 20 Index<\/a> is down 4.8%.<\/p>\n There will be no exemptions to the tariffs, a senior White House official told the WSJ<\/a>, and they will remain in place until the president is satisfied the named countries have stopped the flow of fentanyl into the U.S.<\/p>\n “No one \u2014 on either side of the border \u2014 wants to see American tariffs on Canadian goods,” wrote outgoing Canadian Prime Minister Justin Trudeau on X yesterday<\/a>. “If the United States moves ahead, Canada\u2019s ready with a forceful and immediate response.”<\/p>\n<\/div>\n