Bitcoin tops $118K, Trump announces 35% tariffs on Canada

Market Overview & Trade Tensions - Market futures indicate a negative trend due to President Trump's tariff agenda, including a 35% tariff on Canadian imports and potential tariffs on the EU [2][3][4] - The Canadian dollar initially fell 0.6% against the US dollar following the tariff announcement, while the euro also declined, heading for a weekly decline of approximately 0.9% [5] - The dollar index is down around 9% this year, reflecting concerns about the impact of recent policy decisions on the US economy [6] Cryptocurrency Market - Bitcoin reached a new record high of $118,047.96, with Ethereum also experiencing a significant jump of 5.7% [7] - Bitcoin is becoming a less volatile asset, signaling a bullish trend, with developments in stablecoin and tokenization of stocks contributing to the crypto industry's growth [9][10] - Congress is expected to review three different crypto-related bills, potentially acting as a catalyst for further Bitcoin growth [10] Trending Stocks & Sector Performance - Car maker Stellantis is down over 2% in pre-market trading due to its exposure to Canadian tariffs, with the stock down nearly 15% this year [11][13] - Lionus Rare Earths surged as much as 16% as Western countries aim to reduce reliance on China, with the US government guaranteeing a price roughly double the current price offered by China [14][15] - Levi Strauss shares rose in pre-market after beating quarterly expectations, revising revenue forecasts to 1-2% growth despite tariffs [16][17] - The XLI industrials sector has quietly outperformed this year, driven by AI and aerospace, with Boeing and Airbus up over 30% year-to-date [17][19] Earnings Season & Economic Indicators - Levi and Delta reported solid earnings, with Delta reinstating guidance and shares rising around 12% [30][40] - Initial jobless claims declined by approximately 5,000 versus the prior week, indicating a relatively solid economic footing [33][43] - JP Morgan CEO Jamie Diamond is pricing in a higher probability of higher interest rates (40-50% chance) compared to the market's 20% [34][45] Apple's Challenges & Copper Market - Apple's stock is down 15% year-to-date, leading to discussions about potential CEO replacement due to struggles in AI [46][55] - A 50% tariff on copper has created a trade opportunity, with US copper prices surging 13% after the announcement and being roughly 28% higher than London Metal Exchange prices [58][59]