On the morning of March 4 (U.S. time), the crypto market saw a sharp decline, wiping out the gains from the previous day when former President Donald Trump announced plans to use crypto as a reserve asset. The drop shattered hopes of reaching the $90,000 price level, which traders had been eyeing just a day earlier.
Tensions Rise Between the U.S. and Canada
The sudden crash in both the crypto and U.S. stock markets may be linked to escalating trade tensions between the U.S. and Canada. After a 30-day delay, the U.S. government has officially imposed a 25% tariff on Canadian imports and a 10% tariff on the Canadian energy sector.
In response, Canada has hit back, with Prime Minister Justin Trudeau announcing a 25% tariff on $20.7 billion worth of U.S. goods. An additional $86.2 billion worth of imports from the U.S. will also face tariffs after a 21-day review period.
“We will keep these tariffs in place until the U.S. reverses its trade decision,” Trudeau stated. “If the U.S. doesn’t change course, we are actively discussing additional non-tariff measures with local leaders.”
Trump Teases Key Speech
One day before addressing Congress for the first time in his second term, Trump stirred speculation with a cryptic social media post: “Tomorrow night will be big. I will tell it like it is.”
His speech is set for 9 PM ET (New York time) on Tuesday, and while it’s not officially a State of the Union address, it remains a major platform for Trump to outline his key priorities.
One of the expected highlights is his government restructuring plan, which includes the newly formed Department of Government Efficiency (DOGE), led by billionaire Elon Musk. The initiative has already triggered major federal job cuts and the shutdown of several agencies, sparking legal challenges and widespread debate.
Trump is also likely to emphasize his immigration policies, which have been some of the most controversial in his administration. Since taking office, he has halted asylum applications at the southern border and suspended refugee resettlements. He also attempted to end birthright citizenship, though federal courts blocked the move.
While the White House claims these policies have been effective, critics argue they have fueled misconceptions about immigration and crime.
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