Bitcoin experienced a minor drop in value after U.S. President Donald Trump declared an increase in global tariffs from 10% to 15%. This announcement came despite a ruling from the U.S. Supreme Court that invalidated previous trade actions executed under the International Emergency Economic Powers Act (IEEPA).
In a post shared on Truth Social, Trump criticized the court”s ruling, labeling it “anti-American.” He stated that the rise in tariffs would take effect immediately and noted that the Trump Administration would determine the new tariffs over the coming months.
The market reacted to the announcement almost instantaneously; Bitcoin (BTC) initially saw a brief uptick of approximately 0.5% before declining nearly 1%, currently trading around $68,000. Similarly, Ether experienced a decrease of 0.45%, now priced at $1,980.
This tariff increase follows closely on the heels of a Supreme Court decision stating that Trump lacked the authority to impose tariffs in the manner he had attempted earlier this year. After that ruling, Trump had initially announced a new global tariff of 10%, which has now escalated to 15%.
The implications of this tariff hike on the broader cryptocurrency market remain to be fully understood, but the immediate effects on Bitcoin and Ether illustrate the market”s sensitivity to geopolitical developments and regulatory announcements.
