Bitcoin Pops After Supreme Court Strikes Down Trump Tariffs
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Bitcoin Pops After Supreme Court Strikes Down Trump Tariffs
"The Supreme Court of the United States on Friday struck down President Donald Trump's sweeping global tariff regime, ruling 6-3 that he exceeded his authority by imposing broad import duties under a national emergency law. The decision invalidates tariffs Trump levied in early 2025 under the International Emergency Economic Powers Act, a statute enacted in 1977 and historically used to sanction foreign adversaries during crises."
"Writing for the majority, Chief Justice John Roberts said the Constitution leaves little ambiguity about who controls the taxing power. "The Framers did not vest any part of the taxing power in the Executive Branch," Roberts wrote, adding that no previous president had used the statute to impose tariffs "of this magnitude and scope." The ruling marks the first major test of Trump's second-term economic agenda before the high court, which includes three justices he appointed during his first term."
The Supreme Court struck down President Trump's global tariff regime, ruling 6-3 that he exceeded authority by imposing broad import duties under a national emergency law. The decision invalidates tariffs levied in early 2025 under the International Emergency Economic Powers Act, a 1977 statute historically used to sanction foreign adversaries. Trump cited trade deficits and national security concerns, including fentanyl trafficking, to justify duties from 10% to 50% on imports from nearly every major partner. Chief Justice Roberts said the Constitution vests taxing power outside the Executive Branch. Lower courts had held Article I assigns tariff authority to Congress. Financial markets reacted with Bitcoin briefly rising above $68,000 amid mixed investor interpretations; Trump said he has a backup plan to pursue tariffs.
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