Bitcoin Edges Higher After Supreme Court Rules Most Trump Tariffs Unlawful
The U.S. Supreme Court ruled 6-3 that most Trump-era tariffs exceeded presidential authority under the International Emergency Economic Powers Act (IEEPA), with Chief Justice John Roberts saying IEEPA cannot substitute for congressional tariff powers. The decision reduces a major source of trade-policy and geopolitical uncertainty. Markets reacted quickly: Bitcoin ticked up (movement roughly between $66,900–$68,000 on the day, settling near $67,200) and gold rose. Justice Brett Kavanaugh warned that refunds of collected tariffs could create legal and fiscal complications if lower courts order repayments. Analysts note the ruling could lower executive flexibility on tariffs and potentially shift capital flows — reduced tariff revenue or constrained executive action might favor equities and alternative assets like Bitcoin. For traders: expect a near-term risk-on bias for BTC as tariff-related tail risk eases, but prepare for volatility from follow-on litigation, possible tariff refunds (estimates vary widely), and macro drivers (inflation, Treasury yields, dollar strength) that will continue to influence crypto prices.
Bullish
The Supreme Court ruling removes a prominent source of trade-policy tail risk tied to unilateral tariff threats, which analysts and market moves linked to higher risk premia and safe-haven demand. The immediate market reaction—BTC edging higher—reflects reduced geopolitical/trade uncertainty, encouraging a near-term risk-on bias. Short-term: expect modest bullish pressure on BTC as traders reallocate from hedges into risk assets, though intraday volatility is likely as participants price in litigation outcomes and potential tariff refunds. Medium-to-long-term: the impact depends on follow-on litigation, whether tariff revenues are refunded, and broader macro trends (inflation, Treasury yields, USD). If refunds materially affect federal finances or prompt policy shifts that weaken risk appetite, that could temper gains. Conversely, a sustained reduction in executive trade uncertainty could support continued flows into Bitcoin as an alternative asset. Overall, on balance the news is mildly bullish for BTC but contingent on persistent macro and legal developments.