Morning Minute: Supreme Court Rules Against Trump Tariffs
The Supreme Court ruled 6-3 that President Trump’s “Liberation Day” tariffs exceeded his authority under the International Emergency Economic Powers Act, stating it would have drastically expanded presidential tariff powers. Trump criticized the decision and quickly announced a new 15% global tariff under a different statute, Section 122 of the Trade Act of 1974. Markets were largely unmoved by the ruling, as it had been widely anticipated; Bitcoin saw quick, volatile swings but ended close to where it started. Over the weekend, however, both crypto and stock futures declined, with Bitcoin dropping nearly 5%. Experts suggest that while reduced tariff revenues could hurt the dollar and benefit crypto and equities, the main market movement came from Trump’s unexpected rapid response with alternative tariffs. In the medium term, political fallout from the tariff actions may influence legislative prospects for crypto regulation. Some market uncertainty has eased, but expectations for a sustained recovery remain unclear, with key developments expected by mid-March.
