Tariff escalation pushes gold to records as bitcoin retreats

Beincrypto reported that gold rallied to fresh record highs while Bitcoin slid as tariff tensions escalated between US President Donald Trump and the European Union. On January 17, 2026, Trump announced a 10% tariff on Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland, effective February 1, rising to 25% on June 1 and remaining until the US secures an agreement to purchase Greenland.

Representatives from the eight affected countries held emergency talks, and President Costa and President von der Leyen said the EU "stands in full solidarity" with Denmark and the people of Greenland. The Financial Times reported the EU is weighing countermeasures that could include tariffs worth up to €93 billion or restrictions on US companies.

Markets reacted with gold reaching $4,690/oz and silver topping $94/oz, while stocks opened lower; Bitcoin dipped below $95,000 and was reported at $92,574 (down 2.67% over 24 hours), with the broader crypto market cap falling nearly $98 billion and roughly $864.35 million of liquidations occurring in the past day.

Key Topics

Business, Donald Trump, European Union, Gold, Bitcoin, Greenland