Trade disputes rarely stay confined to trade. When U.S.-Canada talks collapse and Canada signals retaliation, the bigger concern is what happens to business costs, supply chains and inflation expectations.

For markets, that can quickly change the mood around growth and interest rates. Risk assets like Bitcoin can feel the impact if investors start moving toward a more defensive position.

The real question now is whether both sides find a way back to negotiations or allow another round of tariffs to build.

Could this become a bigger macro risk for markets than investors are currently pricing in?

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