Bitcoin, Broader Market Dip After Trump Plans to Impose 25% Tariffs on EU

Bitcoin's (BTC) price and the broader equity market fell to their session lows on Wednesday after U.S. President Donald Trump said he plans to impose a 25% tariff on the European Union during his first cabinet meeting.

The price of bitcoin fell below $84,000, dropping more than 5% in the last 24 hours, while the S&P 500 fell to its session low. The broader digital assets market index CoinDesk20 also fell 2.3% on Wednesday.

“We have made a decision and we’ll be announcing it very soon. It’ll be 25 per cent,” the Financial Times reported Trump said.

After the recent market sell-off, there were calls that the drop might have been the bottom. Trump's EU tariff plans seem to have dampened market optimism.

Read more: Bitcoin's Tuesday Bloodbath Was the Bottom, Analyst Says