The price of bitcoin fell slightly on Saturday after US President Donald Trump announced a further increase in global tariffs, despite a US Supreme Court ruling invalidating earlier trade actions under the International Emergency Economic Powers Act (IEEPA).
In a post on Truth Social, Trump called the court’s ruling “anti-American” and declared that he was immediately raising the previously announced worldwide tariff to 15%.
“Over the next short number of months, the Trump administration will determine and issue the new and legally permissible tariffs,” the president added.
The price of bitcoin reacted quickly to the post, seeing an initial increase of around 0.5% before losing nearly 1% of its value in response to the development. BTC is now trading at $68,000. Ether is down 0.45% since the announcement to $1,980.
The tariff hike comes just after the US Supreme Court ruled that Trump did not have the power to impose tariffs, as he did earlier this year. In response to this decision, Trump announced that he was ordering a new global tariff of 10%, which is now being raised to 15%.
Read more: US Supreme Court decision on Trump’s tariffs may not shake crypto – yet
