In a major move, US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve. This initiative marks a significant step in integrating cryptocurrency into the nation's financial strategy. Alongside this, President Trump announced plans to host the first Crypto Summit within six weeks of his new term. The summit is expected to gather prominent industry giants and executives from the cryptocurrency ecosystem.
As part of his address from the Oval Office, President Trump revealed that the administration has temporarily waived tariffs on all goods associated with the United States-Mexico-Canada Agreement (USMCA). However, he hinted that reciprocal tariffs could be reinstated as early as today, although formal confirmation for the April schedule remains pending.
Elsewhere, in the economic sphere, consumer price inflation showed a modest increase. The headline Consumer Price Index (CPI) rose by 0.25%, while the core index, which excludes food and energy prices, advanced by 0.27%. Despite this uptick, price growth appears to have cooled slightly in February. Analysts suggest that this moderation may be attributed to a retreat in specific categories that experienced significant price hikes in January.
During his address, President Trump also shared insights on international relations, indicating that developments with Iran are imminent. Furthermore, he expressed optimism about reaching a final settlement with Russia, suggesting it may be easier than anticipated. On domestic policy, he emphasized plans to boost Michigan's economy by increasing auto manufacturing jobs in the state.
The forthcoming Crypto Summit is set to be a pivotal event, bringing together key players in the cryptocurrency field. This initiative underscores the administration's commitment to embracing digital currency as a strategic asset. Industry experts anticipate discussions on regulatory frameworks and potential future integrations of cryptocurrencies into mainstream finance.
The temporary waiver of USMCA-related tariffs is seen as a strategic maneuver to maintain stable trade relations amid ongoing economic challenges. However, President Trump's mention of potential immediate tariffs on Canada has created uncertainty among trade analysts and business leaders across North America.