Trump revives "Tariff Wars" with 50% EU threat

PLUS: Top Web3 events of the week

Author

Cryptopolitan News
May 23, 2025 • Estimated Reading Time: 10 minutes

📬 Today’s Byte

• Trump revives tariff wars with a 50% threat on the EU

• SEC delays XRP ETFs again  but crypto inflows just broke records

• Senate Democrats push back on Trump’s stablecoin payday

• Top Web3 events of the week

Trump revives tariff wars with a 50% threat on the EU, Bitcoin takes a dip

President Donald Trump has reignited global trade tensions, announcing a massive 50% tariff on all imports from the European Union starting June 1. The decision came via a late-night Truth Social post, just minutes after he threatened Apple with a 25% tariff on iPhones not made in the U.S.

“Our discussions with them are going nowhere!” Trump wrote, accusing the EU of monetary manipulation, trade barriers, and “ridiculous corporate penalties.”

What just happened:

  • Trump says the EU trade deficit is “totally unacceptable,” citing $250B in annual losses.

  • He’s calling for a flat 50% tariff on all EU imports — unless they’re manufactured in the U.S.

  • U.S. stock futures sank on the news; European markets slid 2% in early trading.

Why it matters:

This is not just another tweet. It’s a policy shift that could shock global markets, rattle corporate supply chains, and drive up inflation just as the Fed tries to stabilize rates.

Trump’s threat also comes as:

  • Trade talks with the EU have stalled behind closed doors.

  • The GENIUS Act awaits a House vote, with stablecoin regulation possibly entangled in geopolitical shifts.

  • Apple and other multinationals face renewed pressure to reshore production — or face steep penalties.

The takeaway: Tariff season is officially back. And with elections looming and Trump doubling down on “America First,” this may be just the beginning of a broader trade reset.

📊 Market watch

The SEC has delayed decisions on two major spot XRP ETF filings from Bitwise and CoinShares, pushing the timeline into late August. It’s part of the agency’s ongoing habit of slow-walking crypto ETF approvals even as capital floods into already-approved products.

What happened:

  • Bitwise’s XRP ETF decision is now due around August 23, CoinShares around August 24, according to Bloomberg’s James Seyffart.

  • The SEC also acknowledged a new staked TRX ETF filing from Canary Capital, signaling the start of a formal review.

  • Public comment periods have now opened for both XRP applications.

Why it matters:

Even as XRP ETFs stall, the broader crypto ETF market is heating up. On May 22, crypto ETFs recorded $1.05 billion in net inflows, the highest since January.

  • BlackRock’s IBIT alone pulled in $877 million, lifting its AUM to over $68.7 billion.

  • XRP, meanwhile, is up 360% year-over-year, surging from $0.51 to $2.43.

The context:

  • XRP’s legal battles with the SEC have been a defining story since 2020. Ripple’s partial court win last year reignited interest.

  • Multiple other XRP ETFs including filings from Grayscale, 21Shares, WisdomTree, and Canary are also stuck in SEC limbo.

The takeaway: The SEC may be dragging its feet, but investors aren’t. ETF inflows show institutions and retail traders alike are leaning into crypto with or without full regulatory clarity.

📜 Regulation Watch

Just days after the GENIUS Act passed the Senate with surprising bipartisan support, things are heating up again in Washington, this time over who stands to profit.

Senators Elizabeth Warren, Jeff Merkley, and Chuck Schumer are drawing a line in the sand. They’re proposing a new amendment that would block U.S. presidents from making money off stablecoins. Why? Because of one very specific stablecoin: USD1, the Trump-linked digital asset that just got listed on Binance.

The backstory:

Trump’s crypto ambitions aren’t a secret anymore. His company, World Liberty Financial, launched USD1 in March. His sons Eric and Don Jr.  reportedly help run the company, and even Barron is listed as the project’s “DeFi visionary.”

Now, with stablecoin legislation moving through Congress, there’s growing concern that the Trumps could personally benefit legally from new federal laws that give USD1 official status.

Warren’s camp isn’t having it.

Senator Merkley called it out plainly: Passing the GENIUS Act without safeguards, he says, would send a message that Congress is “fine with selling access to the highest bidder.”

And then there’s the dinner.

Trump recently hosted a private, invite-only dinner for 220 top buyers of his personal memecoin. Big names were rumored, including Justin Sun, but the guest list hasn’t been made public. That’s raised even more eyebrows. Senators are demanding transparency and calling the event “the most corrupt of all the corruption.”

What they want:

  • A rule in the GENIUS Act that blocks any president from earning off stablecoins.

  • An investigation into Trump’s financial links to USD1 and WLFI.

  • Full disclosure of who’s attending these exclusive crypto dinners.

Why it matters:

This isn’t just political theater. If this amendment passes, it would set a precedent: no sitting president should profit from the laws they help pass, especially in an industry as fast-moving and opaque as crypto.

The stablecoin bill may still go through. But the fight over who benefits is far from over.

The takeaway: The GENIUS Act might bring regulatory clarity to stablecoins but the real clarity voters want right now is on who's cashing the checks.

🌍 Top Web3 events of the week

From Bitcoin's biggest stage in Vegas to deep Ethereum builds in Prague and AI x blockchain in Asia—here are the events that matter most this month.

  1. Bitcoin 2025 | May 27–29 | Las Vegas, USA
    The flagship Bitcoin event returns with speakers, builders, and big money talk. If you're in the US, this is the place to be.

  2. ETHGlobal Prague | May 30 – June 1 | Prague, Czech Republic
    Builders unite. This Ethereum-focused hackathon will gather devs from across the globe to build next-gen dApps and tools.

  3. AIBC Asia | June 1–4 | Manila, Philippines
    AI meets blockchain. This conference is laser-focused on the fusion of artificial intelligence, emerging tech, and digital innovation in Asia.

  4. Super Vietnam | June 3–7 | Da Nang, Vietnam
    A rising tech hub goes global. From DeFi to deep tech, Super Vietnam brings Southeast Asia’s energy to the frontlines of Web3.

Want more? From Berlin Blockchain Week to Istanbul Blockchain Week, check out the full calendar and plan your month: Browse and register here

🧵 Thread of the day by @CPOfficialtx

Market-moving headlines 🔥

Changpeng Zhao (CZ), founder and ex-CEO of Binance has denied allegations made by The Wall Street Journal (WSJ) that he acted as a “fixer” for former President Donald Trump’s crypto venture, World Liberty Financial (WLF).

Binance saw an uptick in activity in the past month, with the biggest boost coming from the futures market. The clear bullish trend expanded demand for active trading with leverage, to make the best of the market’s direction. 

Financial authorities in Kazakhstan have set out to legalize the trading of cryptocurrencies by adopting a licensing regime for platforms providing such services.

The Supreme Court has officially placed a legal firewall around the Federal Reserve, blocking President Trump from removing its board members.

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