Bitcoin's (BTC) price and the broader equity market fell to their session lows on Wednesday after U.S. President Donald Trump said he plans to impose a 25% tariff on the European Union during his first cabinet meeting.

The price of bitcoin fell below $84,000, dropping more than 5% in the last 24 hours, while the S&P 500 fell to its session low. The broader digital assets market index CoinDesk20 also fell 2.3% on Wednesday.

“We have made a decision and we’ll be announcing it very soon. It’ll be 25 per cent,” the Financial Times reported Trump said.

After the recent market selloff, there were calls that the drop might have been the bottom. Trump's EU tariff plans seem to have dampened market optimism.

Read more: Bitcoin's Tuesday Bloodbath Was the Bottom, Analyst Says