1 month ago
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PULSE POINTS:
❓What Happened: President Donald J. Trump proposed a 50 percent tariff on European Union (EU) imports and a 25 percent tariff on foreign-manufactured iPhones.
👥 Who’s Involved: President Trump, the EU, and American exporters.
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📍 Where & When: Trump’s statements were made via Truth Social; proposed tariffs could take effect June 1, 2025.
💬 Key Quote: “Our discussions with [the EU] are going nowhere! Therefore, I am recommending a straight 50 per cent Tariff on the European Union, starting on June 1, 2025.” — President Trump.
⚠️ Impact: Economic repercussions for the EU; gains for U.S. automakers.
IN FULL:
President Donald J. Trump has called for a 50 percent tariff on all European Union (EU) imports, accusing the bloc of exploiting the United States through “powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies.” The announcement on Truth Social comes amid trade negotiations with the EU.
In his post, Trump said the EU’s trade tactics have contributed to a $250 billion annual trade deficit with the bloc, calling the figure “totally unacceptable.” He proposed that the tariffs would take effect starting June 1, 2025. “The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” he said.
EU leaders, such as European Commission President Ursula von der Leyen, have previously said they would retaliate against American tariffs on EU goods. In April, however, the EU suspended a proposed 25 percent retaliatory tariff, with von der Leyen stating she wanted to give negotiations a chance.
The EU has also stated it will go to the World Trade Organization (WTO) to contest the U.S. tariffs, asserting that they violate the organization’s rules.
President Trump also targeted Apple, warning the tech giant that iPhones sold in the U.S. must be manufactured domestically or face a 25 percent tariff. “I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump stated.
PULSE POINTS:
❓What Happened: Bitcoin surged past $110,000 for the first time, reaching a new all-time high.
👥 Who’s Involved: Traders, institutional investors like MicroStrategy, and market analysts such as Joshua Lim and Tony Sycamore.
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📍 Where & When: Early Asian trading on Thursday; Bitcoin is currently trading just under $111,000.
💬 Key Quote: Joshua Lim, global co-head of markets at FalconX Ltd., stated, “It has been a slow-motion grind into new all-time highs. There’s no shortage of demand for BTC from SPAC and PIPE deals…”
⚠️ Impact: The milestone reflects growing optimism in cryptocurrency markets, driven by regulatory developments, institutional demand, and bullish options activity.
IN FULL:
Bitcoin has reached a historic milestone, surpassing $110,000 per coin during early Asian trading on Thursday. The cryptocurrency, now trading just below $111,000, has gained 2.95 percent over the past 24 hours, fueled by growing optimism among traders and investors.
The surge comes amid increased anticipation for regulatory clarity in the cryptocurrency sector, spurred by progress on a stablecoin bill in the U.S. Senate. Market participants view the potential legislation as a step toward legitimizing and stabilizing the digital asset industry. However, some market analysis points to high levels of volatility in international bond markets as driving the flight of investors into Bitcoin.
Notably, a failed Japanese government bond auction earlier this week sent the country’s bond yields to near all-time highs. The ripple effect has dampened confidence in U.S. Treasury bonds as well, leading to a subpar 20-year auction on Wednesday, resulting in a sell-off and increasing yields. This has also made Bitcoin more attractive.
Bitcoin surged in December after President Donald J. Trump expressed an interest in creating a crypto reserve for the United States. This was later achieved in March when President Trump established a reserve of around 200,000 bitcoin, most of which had been seized by federal agencies in criminal proceedings.
Institutional demand has played a significant role in Bitcoin‘s latest rally. MicroStrategy, led by Michael Saylor, has amassed over $50 billion worth of Bitcoin, while other entities, including smaller companies and newly formed firms by crypto leaders, are financing acquisitions through methods such as convertible bonds and preferred stocks.
Joshua Lim, global co-head of markets at FalconX Ltd., highlighted the steady upward trend, commenting, “It has been a slow motion grind into new all-time highs. There’s no shortage of demand for BTC from SPAC and PIPE deals, which is manifesting in the premium on Coinbase spot prices.”
Options markets also reflect the bullish sentiment, with traders taking positions in Bitcoin calls expiring on June 27. Strike prices of $110,000, $120,000, and even $300,000 have seen significant open interest on the Deribit derivatives exchange.
Market analyst Tony Sycamore of IG noted that this new record high indicates Bitcoin’s earlier drop from January’s peak to below $75,000 in April was merely a correction within a broader bull market. “A sustained break above $110,000 is needed to trigger the next leg higher towards $125,000,” Sycamore added.
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