President Donald Trump announced an immediate increase to a 15% global tariff, raising the rate from 10% announced just a day prior. The move follows a Supreme Court ruling that struck down his authority under one law, leading him to use alternative statutes. Critics, including pro-crypto attorney Adam Cochran, argue the legal basis still imposes significant limits. Notably, cryptocurrency markets showed minimal reaction, with Bitcoin’s price holding steady around $68,000.
United States President Donald Trump announced he is immediately raising a proposed global tariff to 15%. This increase comes one day after he declared a 10% rate, using alternative legal routes following a Supreme Court decision.
The Supreme Court struck down his authority to levy tariffs under the International Emergency Economic Powers Act. In a Truth Social post, Trump stated “I will be, effective immediately, raising the 10% worldwide tariff… to the fully allowed, and legally tested, 15% level.”
He is now using statutes outlined in the Trade Expansion Act of 1962 and the Trade Act of 1974. However, pro-crypto attorney Adam Cochran said these laws also limit Trump’s authority.
Cochran noted the laws only allow tariffs on countries with a trade deficit, for a maximum of 150 days, and at a capped percentage. Previous tariff announcements caused severe downturns in both crypto and stock markets, fueling macroeconomic uncertainty.
The crypto market held firm following the latest announcements, unlike past reactions. Bitcoin’s price remained steady at the $68,000 level, showing little change since Friday.
Ether also remained firm, and the total crypto market cap excluding Bitcoin and Ether fell by less than 1%. It held at approximately $713 billion, indicating a muted immediate market response.
