U.S. stocks slipped Friday, with Dow Jones Industrial Average down 250 points following President Donald Trump’s 35% tariff on Canada.
The July 11 trading was primarily a response to fresh trade war concerns as stocks hit an all-time high in recent weeks. The S&P 500 was reduced by -0.5%, while the Nasdaq composite fell by 0.3% as the Dow fell 250 points.
However, Bitcoin (BTC) strained the trend, rising about 5% in 24 hours to a new all-time high of over $118,000. Crypto Bellwether’s performance sparked bullish moves across the Altcoin market, with Ethereum (Eth) above the psychological $3,000 level.
Bitcoin’s Rally lifted crypto stocks with microStrategies (MSTR), Coinbase (coin), and Robinhood (hood) that are gaining from pre-market trading. After the US stock market was opened, MSTR rose 2% in early trading, while Coin and Hood were storing pre-market profits.
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Despite tariff concerns, stocks rose
Trump’s 35% tariffs on Canadian goods announced Thursday, scheduled to kick off in August, came just days after the US president’s latest threat.
“From August 1, 2025, Canada will charge a 35% tariff on Canadian products sent to the US, apart from all sectors’ tariffs,” Trump posted to The Truth Society.
This follows President Trump’s announcement of a 50% mandatory rate in Brazil at the beginning of the week.
Trump added to his fears with his statement that he is seeing another 15% to 20% blanket tariffs on many US trading partners, but the stock remains the highest ever.
“I think the tariffs were very well received. Today’s stock market has reached a new high,” Trump said in an interview with NBC News.
But overall investor optimism could dissipate whether a trade war is on fire or not. This is the scenario China recently warned as Trump threatened strict tariffs on members of the Emerging Markets Economics Bloc called BRICS.
Although Brazil, Russia, India, China and South Africa are founding members, the group expanded to include Saudi Arabia, Egypt and the United Arab Emirates.
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