- President Trump raised a proposed global tariff from 10% to 15%, effective immediately, following a Supreme Court ruling that limited his authority.
- Pro-crypto attorney Adam Cochran argues the legal statutes being used, such as the Trade Expansion Act of 1962, still impose strict limits on the tariffs’ scope and duration.
- Unlike previous announcements, the latest tariff news did not trigger a significant downturn in the crypto markets, with Bitcoin and Ether prices holding steady.
United States President Donald Trump announced a new 15% global tariff from the White House on Saturday, immediately escalating trade policy tensions. However, critics quickly noted his power to impose such measures remains legally constrained after a recent Supreme Court decision.
Trump announced the increase in a Truth Social post, stating, “I will be, effective immediately, raising the 10% worldwide tariff… to the fully allowed, and legally tested, 15% level.” This followed his initial 10% tariff announcement on Friday, which was based on alternative legal routes.
Pro-crypto attorney Adam Cochran, however, said the scope of these laws also limits Trump’s authority. He said the statutes cap the percentage and restrict application to countries with a trade deficit for only 150 days.
Consequently, past tariff announcements have caused severe market turmoil and fueled macroeconomic uncertainty. Meanwhile, the crypto market held surprisingly firm in response to this latest development.
The price of Bitcoin held steady at the $68,000 level, and Ether also remained firm. Data on the Total3 indicator shows the rest of the crypto market fell by less than 1%, maintaining a total capitalization of about $713 billion.
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