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Bitcoin value declines following Trump’s increase of global tariffs from 10% to 15% despite Supreme Court ruling.
U.S. President Donald Trump declared a 15% global tariff on imported goods, notwithstanding a prior Supreme Court ruling that overturned previous trade measures.
(Nikhilesh De/CoinDesk)
What to know:
- The value of bitcoin has experienced a minor decrease following the announcement of heightened global tariffs.
- U.S. President Donald Trump announced a 15% global tariff on imported products.
- This new tariff of 15% marks an escalation from the previously set 10%, despite the Supreme Court’s earlier ruling.
The price of bitcoin saw a slight decline on Saturday after U.S. President Donald Trump revealed an increase in global tariffs, even after a U.S. Supreme Court ruling that nullified prior trade actions under the International Emergency Economic Powers Act (IEEPA).
In a message posted on Truth Social, Trump referred to the court’s ruling as “anti-American” and stated that, effective immediately, he was raising the previously stated global tariff to 15%.
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“In the coming months, the Trump Administration will assess and announce the new and legally valid Tariffs,” the president added.
The price of bitcoin responded swiftly to the announcement, initially increasing by approximately 0.5% before subsequently losing nearly 1% of its worth. BTC is currently trading at $68,000. Ether has decreased by 0.45% since the announcement, now priced at $1,980.
(CoinDesk)
The increase in tariffs follows the U.S. Supreme Court’s ruling that Trump lacked the authority to impose tariffs as he had earlier this year. In response to that ruling, Trump declared a new 10% global tariff, which is now set to increase to 15%.
Read more: U.S. Supreme Court’s decision on Trump’s tariffs may not rock crypto — yet
