Trump raises global tariff rate from 10% to 15% using Trade Expansion Act, bypassing Supreme Court ruling. Tariffs apply only to deficit‑bearing countries for 150 days, capped by law, limiting scope. Crypto markets usually slump after tariff news, but Bitcoin and Ether stayed flat at $68k. Total market cap excluding BTC/ETH dipped less than 1%, showing resilience amid uncertainty. Critics argue Trump’s tariff authority remains constrained by legal limits and short timeframes. Policy shift highlights tension between executive power and judicial oversight in trade policy.
Article Summaries:
- President Donald Trump announced on Saturday that he is raising the worldwide tariff rate from 10 % to 15 %, effective immediately. The move follows a Friday declaration of a 10 % global tariff, which Trump said is authorized under the Trade Expansion Act of 1962 and the Trade Act of 1974 after the Supreme Court struck down his authority under the International Emergency Economic Powers Act. Trump criticized the court ruling and defended the tariff as a response to long‑standing trade deficits. Despite the announcement, crypto markets remained largely unchanged, with Bitcoin and Ether holding near $68,000 and the broader market cap falling less than 1 %.
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