- President Trump announced a new 10% global tariff in response to the Supreme Court striking down his previous tariff authority.
- Lawmakers and think tanks criticized the tariffs as a harmful tax on working families and businesses.
- Despite tariffs historically impacting crypto markets, prices remained stable following this announcement.
- Pro-crypto attorney Adam Cochran claims the legal basis for the new tariff is limited in scope and duration.
President Donald Trump announced a new 10% global tariff from the White House on Friday. This move followed a US Supreme Court decision striking down his authority to impose tariffs under a key emergency powers act.
Consequently, several US lawmakers immediately criticized the policy. Senator Rand Paul called the tariffs a tax increase on working families, while Congressperson Ro Khanna stated they were a tax to bankroll a reckless trade war.
Think tank experts echoed these concerns. Cato’s Herbert A. Stiefel Center for Trade Policy Studies vice president Scott Lincicome warned that higher tariffs would damage the economy and foreign relations.
However, cryptocurrency markets showed surprising resilience. Bitcoin’s price rose around 3% despite tariffs typically harming risk-on assets like crypto.
Meanwhile, legal questions surround the new policy’s implementation. Pro-crypto attorney Adam Cochran noted the statute Trump cited only allows tariffs on countries with a deficit for a capped period of 150 days.
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