In a significant announcement, President Trump revealed that the European Union has requested an extension for ongoing trade negotiations, pushing the deadline to July 9th. Trump previously declared a looming 50% tariff on all imports from the EU, set to commence on June 1st. This decision follows dialogue with European Commission President Ursula von der Leyen, who expressed her intent to proceed with negotiations promptly. However, she emphasized the need for adherence to the original 90-day negotiation period.
The market reaction was swift, as Bitcoin experienced a brief surge, climbing above $109,000 before stabilizing around $108,840. Trump’s strong rhetoric regarding the EU, citing its establishment as a means to capitalize on American interests, has had a dual impact—triggering fluctuations in both U.S. stocks and cryptocurrency valuations. This volatility underscores the intricate relationship between global trade policies and the crypto market.
Source: https://en.coinotag.com/breakingnews/bitcoin-surges-amid-trade-negotiation-tensions-as-trump-imposes-eu-tariffs/