Bitcoin Plummets 4% as Donald Trump Unveils Tariff Threats on Imported iPhones and EU Goods

Bitcoin has dropped more than 4% from its recent peak of $111,900, sliding towards $107,000 after US President announced possible tariffs on iPhones and goods imported from the EU.

The S&P 500 and oil futures each saw reductions of over 1.6% and 0.9%, respectively, while gold experienced an increase of 1.5%.

The President criticized the EU for its trade practices, stating that it has been challenging to negotiate with them. He declared,

“The European Union has been quite difficult to engage. Their trade barriers, taxing policies, substantial penalties on corporations, and other non-monetary trade restrictions have contributed to an annual trade deficit exceeding $250 billion with the U.S., which is unreasonable. Our discussions have stalled! I propose a 50% tariff on the EU starting June 1, 2025. No tariffs will apply to products made in the United States. Thank you for your attention!”

Concerning Apple’s production, he remarked,

“I previously informed Tim Cook that I expect iPhones sold in the U.S. to be produced domestically, not in India or anywhere else. If that’s not the case, Apple will incur a 25% tariff. Thank you!”

As a result, Bitcoin has lost the recent gains achieved during its price surge over the last few days.

In the past 24 hours, all top 10 cryptocurrencies have seen price declines. Among these, Solana was the least affected, losing just 1.2%, supported by positive sentiment from the Solana community after the President’s gala dinner.

Ethereum, Dogecoin, and XRP all fell by more than 4%, with BNB trailing behind. Tether and USDC remained stable, maintaining their pegs within a narrow range of 0.03%.