President Donald Trump has said he is moving forward with 25% tariffs on goods imported from Canada and Mexico into the US, adding that time had run out to reach a deal.

An additional 10% tariff on Chinese imports is also expected to come into force, leaving all three of America’s top three trade partners facing significantly higher trade barriers than just a few weeks ago.

After the news broke, Bitcoin dropped to its lowest point of $82,880, wiping out the gains from the previous day due to news that Trump is establishing a national crypto reserve fund consisting of BTC, ETH, XRP, SOL, and ADA.

The red trend is spreading across the crypto market, with top altcoins falling between 5% and 26% in the past 24 hours. Among them, ETH dropped by 15.58%, SOL by 20.29%, XRP by 18.46%, and ADA by 26.38%.