Breaking: Bitcoin Bleeds As Trump Slaps EU with 50% Tariffs Starting June 1

US President Donald Trump has reportedly announced a 50% tariff on the European Union, starting on June 1, 2025. This development follows Trump’s Truth Social post that threatened Apple with a 25% tariff on iPhones not manufactured in the US. With these escalating trade tensions, financial markets are facing a downturn, with top cryptocurrencies like Bitcoin bleeding.

Trump’s Trade Tensions Escalate with 50% EU Tariff

In the latest development, President Trump announced his decision to impose a 50% tax on goods imported from the EU. He has also reportedly expressed frustration that negotiations between the US and EU aren’t yielding progress, positing that the trade talks are “going nowhere.”

Notably, Trump’s EU tariff updates were released just minutes after his post on Truth Social, where he threatened to impose a 25% tariff on Apple unless the company manufactures iPhones in the United States.

In response to the escalating pressures, the crypto market experienced a sharp decline to $3.42 trillion, down by 2.58%. Bitcoin which recently reached a new all-time high of $111k, dipped to $108k following Trump’s announcements. Other major tokens like Ethereum (ETH) and XRP have also faced notable dips of 1.82% and 2.09%, respectively.