Indeed, if Trump doesn't stir things up on the weekend, it's not really him. Although the tariff incident regarding Greenland has ended, tariffs remain Trump's most important political weapon until the Supreme Court restricts Trump's IEEPA tariffs. Just today, Trump publicly stated that if Canada reaches an agreement with China, all Canadian goods and products entering the U.S. will be immediately subject to a 100% tariff.
This agreement refers to the "strategic partnership" between Canada and China, which focuses on cooperation in energy, clean technology, and climate competitiveness. Canada will allow up to 49,000 Chinese electric vehicles to enter the Canadian market, with a most-favored-nation tariff rate of 6.1%. In return, China will reduce the comprehensive tariff rate on Canadian canola seeds to about 15%. Canadian canola meal, lobster, crab, and peas will not be subject to related anti-discrimination tariffs, at least until the end of this year.
Although there is currently no clear information from China and Canada, I estimate that the two countries may respond on Monday. Since tariffs have not been directly increased yet, the most they can do is verbally condemn the situation. However, the market is concerned that if Trump really imposes a 100% tariff on Canada, it could likely trigger retaliatory measures from both China and Canada.
Looking at Bitcoin data, the low liquidity over the weekend makes this turnover rate normal, as it is mainly short-term investors trading. The market is still experiencing slight fluctuations, and it remains to be seen whether there will be a market reaction to Trump's tariffs on Monday. I hope Trump is just talking nonsense. I also hope the Supreme Court can define Trump's tariffs sooner rather than later.
The chip distribution remains very healthy, and we need to wait and see if a more stable support level can be formed. There's not much else to say; I just hope Trump doesn't go crazy again.
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