The Trump tariffs are again threatening to slow the BTC price’s bullish momentum. The flagship crypto sharply dropped following the president’s announcement of his trade letters to the EU and Mexico imposing 30% tariffs on goods from both regions.
the president revealed trade letters that he sent to both regions, informing them of the 30% tariff on their products that will come into the US. These tariffs will take effect from August 1, just like the other tariffs that Trump recently imposed on other countries, sparking a bearish sentiment for the BTC price.
Following Trump’s announcement of the 30% tariff on EU goods, EU President von der Leyen released a statement, stating that they remain ready to continue working towards an agreement by August1. However, she added that they will take necessary steps to safeguard EUinterests, including the adoption of proportionate countermeasures if required.
Mexico also stated that it is working towards reaching an agreement with the US before the August 1 deadline, which is also positive for the BTC price. Meanwhile, there is also the possibility of a ‘TACO trade’ being at play, which could explain why Bitcoin was still able to rally to new highs amid these recent developments.
