Bitcoin and Stocks Drop as Trump Confirms 25% Tariff Plan on EU
Bitcoin and the S&P 500 fell to session lows on Wednesday after U.S. President Donald Trump announced a 25% tariff on the European Union, sending shockwaves through financial markets.
Key Market Reactions:
- Bitcoin (BTC) plunged below $84,000, losing over 5% in the last 24 hours.
- The S&P 500 slid to its session low, reflecting growing investor caution.
- The CoinDesk 20 Index, which tracks the broader digital asset market, declined 2.3% on the day.
“We have made a decision, and we’ll be announcing it very soon. It’ll be 25 per cent,” Trump stated, according to the Financial Times.
Investor Confidence Wavers
Markets had shown signs of stabilizing after the recent downturn, but Trump’s tariff announcement has renewed fears of trade tensions and economic instability, triggering another wave of selling across multiple asset classes.
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