​​Tariff Jitters Push Futures Lower As Bitcoin Hits New Record​

(MENAFN- DailyFX (IG)) ​​​Fresh tariff threats rattle nerves

​Trump's latest trade salvo caught markets off guard on Friday, with the president announcing 35% tariffs on Canadian imports from 1 August and threatening similar measures against the EU. The move represents a significant escalation from the current 10% baseline rate, with Trump floating the possibility of 15-20% tariffs on other countries.

​US futures tumbled 0.4% in Asian trading, with both Nasdaq 100 and S&P 500 futures falling as investors digested the implications. European futures also dropped 0.4% as the prospect of EU tariffs loomed large.

​Despite official clarifications that goods covered by the United States-Mexico-Canada Agreement would likely be exempt, the threat of broader tariff escalation continues to weigh on sentiment.

​Bitcoin surges to fresh records

​While traditional markets grappled with tariff uncertainty, Bitcoin provided a bright spot by surging to fresh record highs above $113,000.00. The cryptocurrency has been on a remarkable run, having first crossed $100,000.00 in December before trading sideways around $110,000.00 in May.

​The latest surge reflects growing institutional adoption, with new Bitcoin exchange-traded funds making it easier for both retail and institutional investors to gain exposure. Trump's pro-crypto stance has also provided tailwinds, with the president seeking to establish a strategic cryptocurrency reserve.

​The appointment of crypto-friendly officials like SEC Commissioner Paul Atkins and White House AI czar David Sacks has further boosted sentiment.

​Wall Street resilience continues

​Despite the tariff drama, Wall Street showed remarkable resilience on Thursday. The S&P 500 closed up 0.27% at a fresh record high, while the Nasdaq gained 0.09% to reach new peaks. The standout performer was Nvidia , which made history by closing with a market valuation above $4 trillion.

​Key earnings and data loom next week

​Next week brings crucial tests for market sentiment as second-quarter earnings season kicks off with JPMorgan on Tuesday. This will provide the first major insight into how Trump's trade policies are affecting corporate America's profitability.

​The June Consumer Price Index report, also due Tuesday, will be equally important for gauging inflationary pressures. Early warnings from retailers like Uniqlo's parent company, which saw shares tumble 7% after flagging tariff impacts, suggest some sectors face genuine headwinds. The question is whether other companies can continue delivering strong results despite ongoing trade uncertainty.

​Currency volatility creates opportunities

​The US dollar's strength against the Japanese yen continues, with USD/JPY approaching 147.12 and posting its biggest weekly gain this year at 1.7%. The yen has now weakened for seven straight weeks against the euro , hitting five-month lows against the Australian dollar .

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