Bitcoin held steady over the weekend as US President Donald Trump late Saturday increased recently announced global tariffs from 10% to 15%, saying the new rates would take effect immediately.
The move came after the U.S. Supreme Court issued a ruling limiting legal authority previously used to impose broad import taxes.
Bitcoin doesn’t work
Cryptocurrencies barely moved on the news. Bitcoin hovered around $68,000, while Ether was little changed, with losses in smaller tokens totaling less than 1%, according to market trackers. According to reports, traders said they only felt short-term fluctuations before prices stabilized, suggesting the shock was short-lived.
Legal restrictions and their implications
The move to alternative trade laws limits how far presidents can go with these tariffs, according to reports. The cited statute allows for interim tariffs of up to 15%, typically applied to countries with which the United States has a trade deficit for a defined period of up to 150 days.
Legal experts say these restrictions may prevent the measure from becoming a permanent increase in taxes on imported goods.
President Trump said on his Truth Social platform:
“As President of the United States, I will immediately raise the global 10% tariffs on countries that have ‘looted’ from the United States without retaliation for decades before I took office, to the fully authorized and legally verified 15% level.”
What do traders think?
Some investors appear to be viewing the announcement as a headline event rather than the beginning of a prolonged economic shock.
The volume pattern showed no sustained selling pressure, and the crypto market’s risk appetite quickly returned. An earlier court ruling narrowing the executive branch’s emergency powers regarding tariffs may have removed some uncertainty, at least for now, according to reports.
Market watchers will closely monitor the coming days. If the White House expands its interim powers or expands the list of eligible countries, it could change the tone for both crypto and stock markets.
Overall picture of the economy
Increasing flat rates, even temporarily, raises questions about costs for businesses and consumers.
Import tariffs often have a knock-on effect in the form of higher prices and lower profit margins, and are likely to provoke diplomatic and legal opposition from global trading partners.
Some foreign leaders and industry groups quickly criticized the move, warning that it could slow growth and raise consumer bills.
This episode is far from a market-shattering shock, and so far looks like a high-profile policy stunt with limited immediate market impact.
That could change if the measures are expanded beyond the legal limits outlined by lawmakers and courts. For now, crypto traders appear to be opting to wait and see until prices remain near recent highs.
Featured image from Unsplash, chart from TradingView
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