The U.S. Supreme Court has delivered its much-anticipated ruling in the Trump tariffs case, ruling that the president doesn’t have the authority to impose these tariffs under the International Emergency Economic Powers Act (IEEPA). The BTC price rose on the back of this ruling, climbing above the psychological $67,000 level.
U.S. Supreme Court Overturns Trump Tariffs
The Supreme Court has overturned the Trump tariffs, finding they were illegal because the U.S. president lacks the authority under IEEPA to impose them. The justices ruled 6 to 3 in favor of this decision, noting that the legislation does not give the president the executive power to levy such tariffs in peacetime.
This ruling comes almost a year after Trump first imposed the reciprocal tariffs under the IEEPA in April last year, a day he dubbed ‘liberation day.’ The ruling marks a positive for BTC and the broader crypto market, given the steep decline in crypto prices as Trump moved to impose several tariffs last year.
Notably, the BTC price rose sharply above $67,000 on the back of the Trump tariffs ruling, reaching as high as $67,600. TradingView data shows that the leading crypto is trading just above this psychological level at the time of writing, now up on the day.
Source: TradingView; Bitcoin Daily ChartBitcoin had dropped to as low as $66,500 earlier in the day following the release of the December PCE inflation data. However, as VanEck Chief Matthew Sigel noted, this ruling is likely to provide a huge boost for the crypto market.
In an X post, he stated that in the absence of tariff revenues, money printing and debasement will accelerate. Traders could again turn to BTC and gold for the debasement trade as they look to hedge against a weaker dollar. Meanwhile, it is worth noting that the Supreme Court did not rule on the Trump tariffs refund, creating uncertainty around whether the U.S. will have to refund up to $150 billion in tariff revenues.
Source: https://coingape.com/u-s-supreme-court-rules-trump-tariffs-are-illegal-btc-price-rises/
