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ETH has taken a hit over the past week, with prices sliding amid growing uncertainty around a potential trade war. Former President Trump has flip-flopped on tariff policies, adding to market volatility. Initially, Trump threatened Canada with a 50% tariff hike on steel and aluminum imports but later walked back the statement after Canada halted a planned tax on electricity exports. However, on Wednesday, he did impose a 25% global tariff on steel and aluminum imports.
The EU retaliated by announcing $28B worth of tariffs on U.S. goods, including boats, motorcycles, and alcoholic beverages. Trump responded on Thursday, threatening a 200% tariff on wines, champagnes, and other alcoholic products unless the EU removed tariffs on U.S. whiskey. With this back-and-forth, investor uncertainty has driven prices of risk-on assets like crypto downward.
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