Markets reel as U.S., EU reaches tariff deal originally appeared on TheStreet.

Crypto markets pulled back on Wednesday as the U.S. and European Union inched closer to a deal that would impose a flat 15% tariff on European exports — part of President Donald Trump’s latest push to renegotiate trade terms with key allies.

Citing people familiar with the matter, the Financial Times reported that Brussels is prepared to accept the so-called reciprocal tariffs to avoid Trump’s threatened 30% duties set to kick in on August 1. The compromise would effectively lock in the elevated levies EU exporters have faced since April, when the U.S. imposed a 10% hike on top of existing tariffs averaging 4.8%.

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Bitcoin (BTC) fell nearly 1.7% in the last 24 hours, trading just above $120,300 at the time of publishing. Ether (ETH) lost 1.4%, while Solana (SOL) dropped 2.1%

The agreement — still being finalized — would reportedly lower tariffs on automobiles from 27.5% to 15% and waive duties on select goods such as aircraft, spirits, and medical devices. However, the EU is also keeping a €93 billion retaliatory tariff package on standby in case talks break down before the August deadline.

A U.S. official told the FT the situation remains “fluid and subject to change.”

The trade tension adds to a jittery global market backdrop already contending with central bank policy shifts and slowing growth in China. With Trump’s administration also announcing a similar 15% tariff pact with Japan last week, investors are watching to see whether this marks a broader reshaping of global trade norms — or simply the calm before another trade war storm.

Markets reel as U.S., EU reaches tariff deal first appeared on TheStreet on Jul 23, 2025

This story was originally reported by TheStreet on Jul 23, 2025, where it first appeared.