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 decision invalidating earlier trade actions under the International Emergency Economic Powers Act (IEEPA).
In a post on Truth Social, Trump called the court’s decision “un-American” and declared that, effective immediately, he would increase the previously announced global tariff to 15%.
“Over the next few months, the Trump Administration will determine and issue new legally permitted tariffs,” the president added.
The price of bitcoin reacted quickly to the publication, experiencing an initial rally of around 0.5% before losing almost 1% of its value, reacting to the development. BTC is now trading at $68,000. Ether is down 0.45% since the announcement to $1,980.
The tariff increase comes just after the US Supreme Court decided that Trump did not have the power to impose tariffs as he did earlier in the year. In reaction to that decision, Trump announced that he would order a new 10% global tariff, which will now be increased to 15%.
Read more: US Supreme Court decision on Trump tariffs may not affect cryptocurrencies, yet
