Bitcoin

The US-Canada trade rupture is part of a broader trend of re-fragmentation in global trade, which historically drives capital toward non-sovereign stores of value. However, in the current liquidity-driven crypto market, the immediate reaction is risk-off as traders price in slower global growth and potential tariff-driven inflation, which could keep the Fed hawkish and delay rate cuts.

The US ban on Canadian alcohol and dairy imports has come into effect, marking an escalation in the Canada-US trade war after negotiations collapsed in late August.