Canada announces dollar-for-dollar tariffs as markets hold steady after Trump’s trade move

Canadian Prime Minister Mark Carney has announced that Canada will impose dollar-for-dollar retaliatory tariffs on US goods after trade negotiations with Washington failed. The move follows US President Donald Trump’s decision to introduce a 50% tariff on approximately $20 billion to $28 billion worth of Canadian exports, including steel, aluminium, and automotive products. Trump attributed the action to long-standing trade disputes between the two nations. Trade tensions escalate between US and Canada Carney addressed the public after talks broke down, stating that Canada would “match US tariffs dollar-for-dollar,” signaling a shift away from the country’s previous restraint in response to US trade measures. The Canadian government made it clear it will no longer “absorb this pressure quietly,” ending what officials described as a period of muted response to US trade policies. Markets including gold, oil, the S&P 500, and cryptocurrencies showed limited immediate reaction to the trade conflict between the two countries, with analysts noting that the standoff is still developing and may soon have broader international repercussions if other nations follow Canada’s lead. So far, financial markets have shown little volatility in response, as investors appear to view the dispute as contained. However, economic strategists are warning that if more countries adopt retaliatory measures, the impact may soon extend beyond North American borders, potentially triggering wider market shifts. Arthur Hayes calls Bitcoin bull market Arthur Hayes, co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, claimed this week that Bitcoin has entered a new bull market. Hayes attributed the reversal in sentiment to recent US debt management policies, which he said are discreetly increasing dollar liquidity in global markets. Hayes has made accurate macro-driven predictions in the past around Bitcoin’s price cycles. He suggested the current environment could accelerate Bitcoin’s upward trajectory, although some analysts caution the rally may still be in its early phase. Bitcoin and other cryptocurrencies did not react notably to the escalating US-Canada trade friction, and Hayes’s bullish commentary focused instead on broader macroeconomic shifts affecting digital assets. Major developments in crypto and AI Digital banking platform Revolut launched its first euro-backed stablecoin, EURR, this week, enabling millions of European users to move both euros and cryptocurrencies on-chain within its familiar app environment. The rollout comes amid sweeping regulatory changes under the Markets in Crypto-Assets (MiCA) framework in the European Union. Binance, the world’s largest cryptocurrency exchange by trading volume, has designated DJTB—a tokenized security from Trump Media—as eligible margin collateral for qualified traders, reflecting rising integration of political brand tokens into mainstream cryptocurrency trading. City Protocol, an emerging blockchain infrastructure provider focused on structured investment products, completed an $11 million funding round.