The 90-day breather is almost over, and it looks like the hangover is going to be rough.
President Trump is preparing to impose new tariffs on dozens of countries as early as this week, according to the Financial Times. The move comes as the temporary 10% global tariff is set to expire on July 24, 2026.
What we know so far
The new tariffs are expected to start at a baseline rate of around 10%, roughly matching the temporary levy that’s about to sunset. Ongoing investigations under Section 301 and Section 232 of US trade law could provide the legal framework for steeper tariffs on specific countries or product categories.
Just days ago, the US slapped 50% tariffs on most Canadian goods. No specific country lists or detailed tariff schedules have been released publicly.
The crypto connection
There’s no mention of Bitcoin, Ethereum, or any digital asset in any of the tariff discussions.
Every major tariff announcement during Trump’s presidency has sent ripples through digital asset markets. When the original round of tariffs landed earlier this year, Bitcoin experienced notable volatility as traders repositioned around the new macro reality.
Trading volumes across major crypto exchanges have historically spiked during periods of heightened trade tension. When Asian markets open to tariff news that dropped during US trading hours, the first liquid venue to react is almost always crypto.
Why this time could be different
Institutional adoption has deepened. Spot Bitcoin ETFs hold substantial positions. Major asset managers now treat Bitcoin as part of their macro portfolio allocation.
The 50% tariff on Canadian goods is particularly worth watching. Canada is a significant trading partner for the US, and disruptions to that relationship can impact everything from energy prices to supply chain costs.
What investors should actually watch
The first thing to monitor is the actual announcement, specifically whether the new tariffs stick close to the 10% baseline or escalate meaningfully for certain countries. A blanket 10% extension would likely be shrugged off by markets since it’s already priced in.
Second, watch the dollar. Tariffs tend to strengthen the US dollar as they reduce import demand, and a stronger dollar has historically been a headwind for Bitcoin.
Third, pay attention to how quickly retaliatory measures materialize. The speed and severity of responses from targeted countries will determine whether this stays a contained policy event or becomes a prolonged source of macro volatility.
For crypto traders specifically, the days immediately following the July 24 expiration could see liquidity thin out as market makers widen spreads in anticipation of headline risk.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
