World Street | Trump's second term, Bitcoin hits record, Dollar slides, TSX gains and more

World Street offers sneak peak into top global news developments

Some of the top global developments include Bitcoin reaching a record high, President Trump starting his second term with key policy changes, and Canada's stock market rising after tariff fears dissipated. Dive into this January 20 World Street edition for more details!

Trump Begins Second Term

Donald Trump has officially commenced his second term as President of the United States after taking the oath of office on January 20.

Bitcoin Hits Record

Bitcoin surged past $109,000 to reach a new all-time high of $109,241, driven by heightened cryptocurrency market activity just hours before Donald Trump's inauguration as the 47th US President. Over the weekend, Trump unveiled his own cryptocurrency, $TRUMP coin, a meme coin that spurred bullish buying and pushed its market capitalization into the billions.

Dollar Slides as Tariff Fears Ease

The dollar plunged on Monday after an incoming U.S. administration official revealed that President-elect Donald Trump would hold off on imposing new trade tariffs on his first day in office, calming fears of an immediate trade war.

Trump had previously vowed tariffs of 10% on global imports, 60% on Chinese goods, and a 25% surcharge on Canadian and Mexican products—policies that could disrupt trade, inflate costs, and trigger retaliation.

TSX Hits Five-Week High on Tariff Relief

Canada's main stock index surged to a five-week high on Janaury 20, driven by strength in energy and industrial shares, as relief spread among investors over the absence of immediate U.S. trade tariffs under President Donald Trump. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 103.66 points, or 0.4%, to close at 25,171.58, marking its fifth consecutive session of gains and the highest close since December 13.

Trump Weighs Tariffs on Canada, Mexico

President Donald Trump announced on Monday that he is considering 25% tariffs on imports from Canada and Mexico, citing border crossings and fentanyl issues. He indicated the decision could be made by February 1.

Trump Pardons Capitol Rioters

President Donald Trump issued pardons to nearly all individuals charged in connection with January 6, 2021, Capitol attack, signalling solidarity with supporters involved in the incident. The move commuted sentences for 14 members of the far-right Proud Boys and Oath Keepers, including those convicted of seditious conspiracy, and instructed the attorney general to dismiss all pending riot-related cases.

(with inputs from Reuters and other agencies)