Bitcoin price slips after Trump hikes worldwide tariff to 15% from 10% despite Supreme Court decision
TL;DR
Bitcoin price declined slightly after President Trump announced an immediate 15% worldwide tariff increase, despite a Supreme Court ruling against his previous trade actions. The cryptocurrency market reacted negatively to the trade policy escalation.
Key Takeaways
- •Bitcoin price fell after Trump announced a 15% global tariff increase despite Supreme Court opposition
- •The tariff hike represents an escalation from the previously announced 10% rate
- •Cryptocurrency markets reacted quickly to the trade policy announcement with BTC losing nearly 1%
- •The Supreme Court had previously ruled Trump lacked authority for earlier tariff impositions
- •Trump called the court's decision 'anti-American' and implemented the tariff increase immediately
What to know:
- The price of bitcoin is seeing a slight decline after the announcement of increased global tariffs.
- U.S. President Donald Trump announced a 15% worldwide tariff on imported goods.
- That new 15% tariff represents an escalation from the previously announced 10%, despite the Supreme Court's previous decision.
- The price of bitcoin is seeing a slight decline after the announcement of increased global tariffs.
- U.S. President Donald Trump announced a 15% worldwide tariff on imported goods.
- That new 15% tariff represents an escalation from the previously announced 10%, despite the Supreme Court's previous decision.
The price of bitcoin BTC$67,989.08 fell slightly on Saturday after U.S. President Donald Trump announced an additional increase to global tariffs, despite a U.S. Supreme Court decision that invalidated earlier trade actions under the International Emergency Economic Powers Act (IEEPA).
In a post on Truth Social, Trump called the court’s decision “anti-American” and declared that, effective immediately, he was raising the previously announced worldwide tariff to 15%.
“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs,” the president added.
The price of bitcoin reacted quickly to the post, seeing an initial uptick of around 0.5% before losing nearly 1% of its value, reacting to the development. BTC is now trading at $68,000. Ether is down 0.45% since the announcement to $1,980.
The tariff hike comes just after the U.S. Supreme Court decided that Trump didn't have the power to impose tariffs as he did earlier in the year. Reacting to that decision, Trump announced he was ordering a neew 10% global tariff, which is now being hiked to 15%.
Read more: U.S. Supreme Court's decision on Trump's tariffs may not rock crypto — yet
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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