Trump’s tariff announcement sparks Bitcoin volatility
The price of Bitcoin (BTC) plummeted below $108,000 on Friday as a result of President Donald Trump’s announcement of substantial tariffs on imports from the European Union (EU).
BTC briefly reached $107,300 on the Binance exchange, a decline from its previous highs of over $111,000. This decline was attributed to the market’s reactions to Trump’s statements and the increasing geopolitical tensions.
Trump proposed a 50% tariff on all EU imports in a post on Truth Social, which is scheduled to go into effect on June 1, 2025. He justified this decision by emphasizing trade imbalances and regulatory issues, describing the current trade dynamics between the EU and the US as “totally unacceptable.”
Trump also issued a warning to Apple, mandating that iPhones sold in the United States be manufactured domestically or be subject to a 25% tariff. This ultimatum appeared to be intended to resolve Apple’s dependence on overseas production.
Bitcoin’s price collapsed shortly after it achieved a new all-time high of $111,980, surpassing its previous record of $109,588, which was established in January. Bitcoin was trading at approximately $108,200 at the time of this report, which represents a 2.5% decline in the past 24 hours.
