Bitcoin Falls After Trump Announces 50% Tariff on EU Imports
Bitcoin reversed gains on May 23 after President Trump announced new tariffs targeting the European Union, leading to negative reactions in global markets.
Key Developments
- Trump declared a 50% tariff on EU imports due to stalled discussions, effective June 1, 2025.
- He warned Apple of a 25% tariff on iPhones not produced in the U.S., affecting its stock price.
- U.S. stock index futures fell, and Bitcoin dropped from over $111,000 to around $108,600.
- The total crypto market value decreased by 2.58%, now at $3.42 trillion.
- Bitcoin was trading at $109,494.41, down 1.86%. Other cryptocurrencies also fell: Ethereum down 2.65% and XRP down 2.27%.
- Investors are concerned about further trade measures as the holiday weekend approaches.
- Texas is advancing legislation to create a Bitcoin reserve despite tariff concerns.
Market volatility is expected to persist as uncertainty around trade policy affects investor sentiment.