Euphoria in digital-asset markets stemming from Donald Trump’s plans for a strategic crypto reserve turned to skepticism on Monday, triggering early losses in cryptocurrencies that worsened throughout the day as investors braced for the US to impose 25% tariffs on Mexico and Canada.

The first five currencies that will be included in a U.S. strategic crypto reserve are Bitcoin, Ethereum, Ripple, Solana, and Cardano.

President Donald Trump is throwing his support behind the creation of a federal reserve of cryptocurrency assets — he initially highlighted XRP, Solana,