Canada's leadership has signaled that securing a quick tariff reduction on steel and aluminum imports from the US is unlikely in the near term. Instead of pursuing standalone negotiations, the trade discussions are expected to be integrated into the broader USMCA review scheduled for next year. This shift in timeline reflects the complexity of ongoing trade discussions between the two nations. For crypto and broader asset market participants, prolonged trade uncertainty can influence risk sentiment and macroeconomic conditions that typically factor into investment strategies across different asset classes.