Markets pull back after Trump hints at 35% tariff on Canada; Bitcoin rallies to $1,12,000 as earnings season and Crypto Week loom
New York | July 12, 2025 –
Wall Street retreated from record highs on Friday as President Donald Trump’s aggressive tariff pronouncements unsettled investors just ahead of a busy earnings season. The possibility of a 35% tariff on Canadian imports and new duties on EU goods sent ripples through global markets.
The S&P 500 slipped 0.3% to close at 6,259.75, while the Dow Jones Industrial Average dropped 0.6% to 44,371.51. The Nasdaq Composite, after setting a record on Thursday, eased 0.2% to end at 20,585.53.
In a direct letter to Canadian Prime Minister Mark Carney, Trump outlined plans to hike taxes on Canadian imports from 25% to 35%, escalating tensions with one of America’s closest trade partners. He also hinted at additional tariffs on EU goods, pharmaceutical imports (up to 200%), and copper (up to 50%).
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Levi Strauss & Co. bucked the market trend, with its shares soaring 11.2% after reporting strong quarterly earnings and a 6.4% revenue surge, driven by robust demand in both America and Europe.
Meanwhile, Bitcoin surged nearly 20% to touch an all-time high of $1,12,000, riding the wave of investor interest in risk assets. The rally aligns with Nvidia’s market cap climbing past $4 trillion, and comes just ahead of Crypto Week in the US Congress, starting July 14, where lawmakers are expected to outline new regulatory frameworks for digital assets.
Looking ahead, earnings season picks up pace next week with heavyweights JPMorgan Chase, Wells Fargo, and Citigroup set to release their quarterly results on Tuesday. These reports could set the tone for market momentum amid ongoing trade policy uncertainty.
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Trump’s tariff threats are seen as a tactic to force new trade deals by leveraging America’s import market. With the original deadline for such deals set for July 9 and only two agreements (UK and Vietnam) signed so far, the negotiation window has been extended to August 1.
Markets will now look to upcoming economic data, company earnings, and Washington’s next moves on tariffs to gauge direction, even as Trump’s protectionist tone injects volatility into an otherwise bullish 2025 market.
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US Markets, Trump Tariff Threats, Wall Street Dip, Canada-US Trade, Bitcoin Price Surge, Nasdaq Record, Levi Strauss Earnings, Nvidia $4 Trillion, Crypto Week 2025, Dow Jones, S&P 500, Trump Trade War
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