Trump Imposes 30% Tariffs on EU, Mexico; Bitcoin, Ether Show Uncertainty as XRP Stays Stable

The cryptocurrency market saw modest losses on Friday, with most major tokens slipping lower following President Donald Trump’s announcement of new tariffs on imports from Mexico and the European Union (EU). XRP, however, managed to buck the trend and trade higher.

Trump revealed a 30% tariff on goods from both Mexico and the EU, set to take effect on August 1, according to letters he published on his Truth Social platform.

“Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough,” Trump wrote in a message to Mexican President Claudia Sheinbaum. In another letter to European Commission President Ursula von der Leyen, he described the EU’s trade relationship with the U.S. as far from reciprocal.

Earlier this week, Trump also imposed new tariffs on countries including South Korea, Japan, Canada, and Brazil, as well as a 50% tariff on copper. Those moves have stirred volatility in commodity markets, especially for the red metal.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, slipped to around $117,400 following the tariff announcement, down 0.6% from its European session high of $118,200. The asset has struggled to hold above the $118,000 mark despite several attempts since early Friday during Asian trading hours, according to data from CoinDesk.

Ether (ETH), the second-largest crypto by market value, was down roughly 1% on the day (UTC), trading around $2,930 after forming an indecisive doji candle on Friday. Solana’s SOL and Dogecoin (DOGE) both fell over 2%, while BNB declined by 0.7%. Meanwhile, XRP showed relative strength, gaining 1.78% at the time of writing.

The mild pullback followed strong gains earlier in the week, when bitcoin surged past the long-standing resistance level at $110,000, reigniting enthusiasm in the broader crypto market. However, some analysts expect sideways price action to persist through the weekend.

“Expectations this weekend are we chop around in tight range today. Then Asia comes in late on Sunday evening and buys ALL the Bitcoin, and we break through $120k,” posted the founders of newsletter service LondonCryptoClub on X.