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 that struck down previous trade measures under the International Emergency Economic Powers Act (IEEPA).
In an article on Truth Social, Trump called the court’s decision “un-American” and said that, effective immediately, he would increase previously announced global tariffs to 15 percent.
“Over the coming months, the Trump administration will determine and publish the new legally authorized tariffs,” the president added.
The price of bitcoin reacted quickly to this publication, experiencing an initial increase of around 0.5% before losing almost 1% of its value, in reaction to the evolving situation. BTC is now trading at $68,000. Ether is down 0.45% since the announcement at $1,980.
The tariff hike comes just after the U.S. Supreme Court ruled that Trump did not have the authority to impose tariffs as he did earlier in the year. In response to the move, Trump announced he was ordering a new global tariff of 10%, which has now been increased to 15%.
Read more: US Supreme Court ruling on Trump tariffs may not rock crypto – yet
