The price of Bitcoin 
$67,982 stood at $76,800 when this article was prepared, facing the most significant tariffs in a century. The current global trade crisis is pushing markets towards something larger than the 2020 pandemic collapse. Due to the losses experienced by U.S. markets, cryptocurrencies have severely diminished, suffering daily losses exceeding 5%.
EU Tariffs and Their Implications
Trump initiated tariffs for all countries, which have become increasingly complex due to China’s firm stance. Recently, Spain and EU Commission officials discussed enhancing trade relations with China, prompting a clear threat from the U.S. Treasury Secretary, stating that “Spain would be cutting its own throat.”
The Reaction of the European Union
The European Union recently joined Canada and China in approving retaliatory measures against the U.S. This has evidently transformed into a global trade war, pushing towards a process that necessitates a softening stance from the U.S.
The bloc of 27 countries is currently facing a 25% import tariff on steel, aluminum, and automotive imports, along with an additional 20% customs duty on nearly all other goods. In response to these tariffs, especially on metals, a 25% customs duty will be implemented, totaling an estimated value of 21 billion Euros. The first tariff will take effect by April 15.
Will the U.S. impose additional tariffs in response to the EU’s recent measures? If it mirrors its actions against China, the EU will likely take further tariff decisions, initiating a cyclical struggle between the U.S. and the EU.
China has already significantly impacted cryptocurrencies. The commencement of this process with the EU may lead to even larger downturns, necessitating caution among investors.
