US President Donald Trump announced new 10% global tariffs following a Supreme Court ruling that struck down his authority to levy tariffs under a key emergency act. The move drew immediate criticism from lawmakers and policy experts who labeled the tariffs a tax on consumers and businesses. Notably, the cryptocurrency market showed limited immediate reaction, with Bitcoin’s price rising approximately 3% after the announcement.
President Donald Trump announced a new 10% global tariff on all imports, effective immediately. The order came after the US Supreme Court struck down Trump’s authority to levy tariffs under the International Emergency Economic Powers Act (IEEPA).
The new tariff will be imposed on top of already existing tariff rates. However, legal experts note the statutes cited by the administration may limit the scope and duration of this action.
US Senator Rand Paul characterized the tariffs as a tax increase on “working families and small businesses.” He stated the policy would be a net negative on the economy in a post on social media.
Congressperson Ro Khanna echoed this sentiment, arguing the tariffs were not about security. “Those tariffs weren’t about security — they were a tax on families and small businesses to bankroll a reckless trade war,” Khanna said.
Scott Lincicome, Vice President at the Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies, was also critical. “Even without IEEPA, other US laws and the Trump administration’s repeated promises all but ensure that much higher tariffs will remain the norm, damaging the economy and foreign relations in the process,” he stated.
Pro-crypto attorney Adam Cochran pointed out potential legal constraints on the executive action. He mentioned the law being used only allows tariffs on countries with which the US has a trade deficit, for a capped period of 150 days, and at a capped percentage.
Historically, Trump’s tariffs have negatively impacted crypto markets and other risk-on assets. This time, crypto prices remained relatively stable following the announcement.
Bitcoin’s price rose by about 3% after the tariff news. The broader crypto market cap, excluding Bitcoin and Ether, showed minimal movement according to market data.
