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Trump's trade war renewed? 📉
Ethereum, XRP, and leading meme coins were solidly in negative territory after U.S. President Donald Trump threatened to raise tariffs on European Union goods.
James Rubin
May 23, 2025
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📝 What you need to know
Ethereum and other leading altcoins were well into negative territory, along with other risk-on assets, after U.S. President Donald Trump threatened to impose new tariffs on the European Union and tech giant Apple.
The second-largest cryptocurrency by market value was trading at roughly $2,570, down more than 3% over the past 24 hours, according to crypto markets data provider CoinGecko. XRP, the fourth-largest digital asset, and popular meme coin Dogecoin were both off approximately 2.7%.
The EU should face 50% tariffs on goods imported to the U.S. starting in no less than nine days, Trump said on his social media platform, Truth Social. Apple should also pay 25% tariffs on iPhones that aren’t manufactured in the U.S., the president suggested in a separate post, although he did not specify when the new levies could take effect.
A day after the president hosted a private dinner for top holders of his own TRUMP meme coin, the asset recently tumbled more than 14%. Bitcoin was recently changing hands at about $109,000, off more than 2% after hitting an all-time high Thursday near $112,000. The S&P 500 and tech-heavy Nasdaq indexes closed in the red.
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