Trump Excludes Canadian-Made Goods From Supply Contracts as Bitcoin (BTC) Holds Near $78K

Supply Contracts Exclude Canadian Goods

President Donald Trump has excluded Canadian-made products from multiple United States supply contracts, retaliating directly after Ottawa's tariffs on roughly $20 billion worth of American goods took effect on Monday. The measure strips Canadian suppliers from a broad set of federal procurement agreements and marks a sharp escalation in the Washington–Ottawa trade dispute. Trump paired the contract exclusion with a production ultimatum: unless Canada begins manufacturing its products inside the United States, Bombardier, the Canadian aircraft maker, will be unable to sell aircraft in the US market — a position he laid out ahead of a September 14 deadline. The timing matters for risk assets. Canada's retaliatory tariffs, its answer to earlier US duties, landed on the same session American markets reopened after the Labor Day holiday, stacking fresh trade-policy uncertainty on top of an already crowded macro calendar. Desks tracking cross-asset flows observed that equity indices, commodity benchmarks and blockchain assets all repriced within hours of the back-to-back announcements. No exemption list or legal mechanism for the supply-contract exclusions has been published yet, and the administration has not specified which federal procurement categories are affected — a disclosure gap that keeps headline risk elevated for global markets through the week.

Dow Falls 628 Points on Oil

The tariff shock hit a market already under pressure from energy. In Monday's New York session, the Dow Jones Industrial Average closed down 628.18 points, or 1.18%, at 52,786.10 — the steepest decline among the major benchmarks. The S&P 500 lost 45.08 points, or 0.58%, to finish at 7,673.52, while the tech-heavy Nasdaq Composite slipped 85.58 points, or 0.32%, to 26,421.40. The Russell 2000 ETF, a proxy for small-capitalization stocks, fell 0.45% to 294.68. The dominant driver was crude oil. WTI futures rose for a sixth consecutive session, the longest winning streak since March's seven-day run, after the United States and Iran exchanged attacks over the weekend and revived supply-disruption fears across the Middle East. Brent crude climbed to roughly $98 per barrel, closing in on the psychologically heavy $100 mark. Rising energy costs rarely stay contained within the energy sector: they feed consumer prices and corporate input costs, which is why Monday's move rippled directly into rate expectations and valuation math across every risk-asset class. Semiconductors were the lone pocket of strength — the VanEck Semiconductor ETF (SMH) gained 1.5%, Intel surged more than 9%, AMD added 5.9% and Broadcom rose 3%, a rotation that kept the Nasdaq's loss comparatively shallow.

CPI and FOMC in Focus

The bond market is signaling that inflation, not growth, is the binding constraint. The 10-year Treasury yield climbed last week to its highest level since November 2023, while the 2-year yield — the tenor most sensitive to monetary policy — reached its highest since January 2025. That combination compresses equity valuations and tightens financial conditions at a difficult moment for a tariff-shocked tape. Attention now turns to the inflation data that will shape the Federal Reserve's next move: August PPI arrives on September 10 and CPI lands on September 11, immediately ahead of the September 15-16 FOMC meeting. Fed funds futures on CME FedWatch price roughly a 60% probability that the central bank raises its benchmark rate by 25 basis points at that meeting — a hawkish lean that would have seemed improbable a month ago. Mark Hackett, chief market strategist at Nationwide, framed the stakes plainly: a CPI print above consensus would make it very difficult for the Fed to avoid a hike, and that single scenario is where investor focus has converged. For digital assets the transmission is mechanical — higher policy rates lift the discount rate applied to long-duration, yield-scarce instruments, and Bitcoin sits squarely in that category whenever real yields spike. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

Bitcoin Concentration Grows Into CPI

COINOTAG's aggregate market data shows crypto absorbing the macro shock rather than capitulating: the Fear & Greed Index reads 69/100 (Greed), Bitcoin holds 68.0% of our $2.32 trillion tracked market, and BTC trades near $78,490 — a concentration that reinforces the Bitcoin maximalism thesis and pressures each major altcoin. The September 11 CPI print decides the next daily candlestick.