The Trump administration imposed 50% tariffs on select Canadian imports and 10% to 12.5% tariffs on goods from over 80 countries, signaling that its protectionist agenda is far from finished. The average effective U.S. tariff rate now stands at 12.1%, compared to 2-3% for most of the post-WW2 era. The Supreme Court invalidated broader tariffs justified under IEEPA in February 2026, forcing the administration to pivot to Sections 301 and 232 of trade law. Historically, tariff announcements have triggered short-term declines in Bitcoin and Ethereum as crypto markets get caught in broader risk-off sentiment. ASIC mining hardware, largely manufactured abroad, faces import tariffs ranging from 19% to 57.6% depending on origin, compressing mining margins and accelerating sector consolidation toward better-capitalized operators.
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