Bitcoin price slips after Trump hikes worldwide tariff to 15% from 10% despite Supreme Court decision
What to know:
- The price of bitcoin is seeing a slight decline after the announcement of increased global tariffs.
- U.S. President Donald Trump announced a 15% worldwide tariff on imported goods.
- That new 15% tariff represents an escalation from the previously announced 10%, despite the Supreme Court's previous decision.
The price of bitcoin BTC$67,928.53 fell slightly on Saturday after U.S. President Donald Trump announced an additional increase to global tariffs, despite a U.S. Supreme Court decision that invalidated earlier trade actions under the International Emergency Economic Powers Act (IEEPA).
In a post on Truth Social, Trump called the court’s decision “anti-American” and declared that, effective immediately, he was raising the previously announced worldwide tariff to 15%.
“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs,” the president added.
The price of bitcoin reacted quickly to the post, seeing an initial uptick of around 0.5% before losing nearly 1% of its value, reacting to the development. BTC is now trading at $68,000. Ether is down 0.45% since the announcement to $1,980.
(CoinDesk)
The tariff hike comes just after the U.S. Supreme Court decided that Trump didn't have the power to impose tariffs as he did earlier in the year. Reacting to that decision, Trump announced he was ordering a neew 10% global tariff, which is now being hiked to 15%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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