The reason to elaborate on this topic is that Trump is not preparing to impose long-term tariffs on Canada, Mexico, and China. Yes, tariffs are the main reason for today's significant drop in #Bitcoin and cryptocurrencies.

First, for Canada and Mexico, fentanyl is not the main reason; pushing for USMCA to replace NAFTA is one of the reasons. Trump believes that NAFTA (North American Free Trade Agreement) is unfair and has led to the outflow of American manufacturing to Mexico. To readjust the rules, he imposed tariffs on Mexico and Canada, ultimately forcing them to accept the new USMCA (United States-Mexico-Canada Agreement), which includes increasing the localization ratio in the automotive industry (75%) and reducing outsourcing. It also raises the wage standards for Mexican workers to prevent American companies from relocating due to low labor costs.

Now, regarding China and Mexico, although there is some relation to fentanyl, it is not the core issue. The Trump administration believes that China's practices of industrial subsidies, intellectual property theft, and forced technology transfers put the U.S. in an unfair trade position. The imposition of tariffs is intended to force China to make concessions and to renegotiate trade rules that are more favorable to the U.S. In fact, what is more important for China and Mexico is aligning with the Rust Belt and America First campaign slogans. (This part is actually quite similar to cryptocurrencies.)

Specifically for China, the pandemic in 2020 exposed America's dependence on the Chinese supply chain, and the Trump administration emphasized the importance of "bringing the supply chain back to America." Of course, this also includes the aim to prevent China from advancing in key areas such as technology, semiconductors, 5G, and artificial intelligence.

Therefore, we can see that if Trump's goals are achieved, a return to previous tax rates is possible, especially since Mexico and Canada are not very significant obstacles. As for China, Powell has already stopped discussing it, so we don't need to consider it further.

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