Bitcoin Rallies Past $109,000 as Trump Delays EU Tariffs

Bitcoin rallied past $109,000 on Sunday evening after President Donald Trump announced he had agreed to extend a looming 50% tariff deadline on EU goods to July 9.

U.S. President Donald Trump announced on Sunday that he had agreed to extend the deadline for imposing a 50% tariff on European Union goods to July 9, deferring the policy following a request from EU Commission President Ursula von der Leyen.

In a post on Truth Social, Trump said he was extending the tariff deadline after receiving assurances from von der Leyen that the EU was prepared to "advance talks swiftly and decisively" on a trade deal. The new tariff deadline is July 9.

“At the request of President Ursula von der Leyen of the European Union, and in recognition of the progress that is being made in our trade talks with the European Union, I will be extending the minimum 50% tariff on all products from the European Union to enter the United States to July 9,” Trump said.

Earlier this week, Trump announced that he was imposing a 50% tariff on all EU imports starting next month. He cited trade imbalances and regulatory frictions as the main reasons for the move, and stated that the current EU-U.S. trade dynamics were "totally unacceptable."

The former president also targeted Apple with a potential 25% tariff on iPhones that are not assembled in the U.S.

Following Trump’s announcement on Friday, Bitcoin fell below $108,000. The correction deepened further over the weekend, dropping below $107,000.

However, the digital asset began rebounding after Trump's decision to delay the tariff plan.

The news of the tariff extension comes as several major economies, including China and Japan, reported weak economic data over the weekend. China's services sector activity slowed more than expected in May, while Japan's economy contracted at a faster-than-estimated pace in the first quarter.

As Bitcoin price surged, other major crypto assets also rose in tandem. According to CoinGecko, Ethereum (ETH), XRP, and Solana (SOL) were all trading in the green after Trump's announcement.