On March 4, Trump confirmed on Monday that U.S. tariffs on Mexico and Canada will take effect on March 4, emphasizing that there is no room for negotiation with the two countries, and market panic has increased. According to 4E monitoring, the three major U.S. stock indexes collectively closed down, with the Dow falling 1.48%, the S & P 500 index falling 1.76%, the largest decline in the year, and the Nasdaq index falling 2.64%, smoothing out the gains since the November election. Technology stocks led the decline, with Nvidia plummeting 8.69%, its lowest closing price since September 2024. The crypto market followed U.S. stocks and fell sharply. On Sunday, Trump issued a document to promote the country's cryptocurrency reserves. The market collectively soared. Bitcoin once hit US$95,000, and then surged back. It also fluctuated and fell under the market's doubts that Trump's strategic reserves were tilted towards altcoins and there was an "advertising space". As the big stick of tariffs was swung on Monday, the hopes of the United States and Mexico and Canada reaching a tariff agreement at the last minute were dashed, and the market fell sharply again. Bitcoin fell 10.49% to US$83384 before deadline, lower than the level before Trump's tweet was released, and Ethereum fell 16.83% to a record low of US$2038.