Bitcoin and Stocks Drop as Trump Announces 25% Tariffs on EU
Bitcoin and the S&P 500 hit session lows on Wednesday following U.S. President Donald Trump’s announcement of a 25% tariff on the European Union during his first cabinet meeting.
Key Takeaways:
- Bitcoin (BTC) plunged below $84,000, dropping over 5% in the last 24 hours.
- The S&P 500 also fell to session lows, reflecting broader market uncertainty.
- The CoinDesk 20 Index, which tracks the digital asset market, declined 2.3% on Wednesday.
“We have made a decision, and we’ll be announcing it very soon. It’ll be 25 per cent,” Trump said, according to a report from the Financial Times.
Market Sentiment Takes a Hit
After the recent sell-off, some traders speculated that markets had found a bottom. However, Trump’s tariff announcement appears to have dampened investor optimism, fueling fresh concerns about economic uncertainty and potential trade wars.
