Bitcoin rebounds above $79K after Trump’s Canada tariff threat

Bitcoin has recovered above $79,000 after briefly falling toward $78,200 as President Donald Trump threatened 50% tariffs on Canadian vehicles, automotive parts and steel from Jan. 1, 2027. Summary Trump said tariffs on several Canadian automotive and steel imports would rise to 50%. Bitcoin briefly fell toward $78,200 before recovering to about $79,300. U.S.-Canada trade negotiations ended without an agreement after three days of talks. U.S. spot Bitcoin ETFs drew about $1.92 billion during the latest five-session rally. Trump tariffs target Canadian vehicles and steel A Truth Social post published by Trump on Aug. 24 said the United States would raise tariffs on all Canadian cars, trucks, automotive parts and steel to 50% at the start of 2027. “Build in the U.S. and there are ZERO TARIFFS,” Trump wrote before criticizing Canada’s approach to trade with the United States. The announcement followed the collapse of negotiations between Washington and Ottawa on Aug. 21. According to Reuters, the proposed agreement would have reduced the main U.S. tariff on Canadian cars and light trucks from 25% to 15%. Duties on Canadian aluminum and steel would also have fallen from 50% to 25%. Neg...