The US Supreme Court on Friday struck down President Trump’s tariff regime in a 6-3 decision.
“No president has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope,” the court’s decision said.
“This lack of historical precedent, combined with the breadth of authority the president now asserts, suggests that the tariffs extend beyond the president’s ‘legitimate reach.'”
Bitcoin moved about 2% higher on the news, surging past the $68,000 level. As has been typical in crypto lately, however, the gains were reversed within minutes, returning to just under $67,000 at this point.
US stocks also rose on the news, but quickly returned to roughly flat on the session.
Stagflationary data
Earlier on Friday, a series of US economic data showed signs of stagflationary impulses. The US economy grew just a modest 1.4% in the final three months of 2025, the Commerce Department reported. Alongside core consumption, prices rose 3% year-on-year, faster than the 2.9% hope and up from 2.8% previously.
On an annual basis, the economy grew 2.2%, which is the slowest growth since the Covid year 2020.
“Today’s economic data delivered a mixed message of both warmer-than-expected inflation and slower-than-expected growth,” said Art Hogan, chief market strategist at B. Riley Wealth. “The confusing message from today’s data confirms the current Fed bias to take its time on monetary policy.”
