Donald Trump, the President of the United States, in a controversial move, imposed heavy tariffs on all imported goods from Canada, Mexico, and China, officially starting a trade war. These tariffs include 25% for Canada and Mexico (except for 10% for Canadian oil and energy exports) and 10% for all Chinese goods. Initially set to be effective from February 1st, this decision was postponed to February 4th. The White House stated that this action was taken in response to the entry of illegal drugs into America. Mexico retaliated with retaliatory tariffs and non-tariff measures, proposing the formation of a joint working group to combat criminal organizations. Canada is also considering imposing reciprocal tariffs on American goods. These developments could impact energy prices and Bitcoin mining costs in the US, a country that holds 36% of global hash rate.
