The United States Supreme Court struck down President Trump’s tariff plan by a 6-3 vote on Friday.
“No president has invoked the law to impose tariffs, much less tariffs of this magnitude and scope,” the court ruling said.
“This ‘lack of historical precedent,’ coupled with the ‘extent of authority’ the President now claims, suggests that the tariffs extend beyond the President’s ‘legitimate reach.’
Bitcoin climbed about 2% on the news, surpassing the $68,000 level. However, as is often the case in crypto lately, the gain reversed within minutes, returning to just under $67,000 at present.
Crypto’s fleeting gains contrasted with what appears more durable in stocks, with the Nasdaq rising 0.6% to a session high.
Stagflationary data
Earlier on Friday, a series of US economic data showed signs of stagflationary impulses. The U.S. economy grew only a modest 1.4% in the final three months of 2025, the Commerce Department reported. Alongside core personal consumption spending, prices rose 3% year-on-year, faster than the 2.9% expected and up from 2.8% previously.
On an annual basis, the economy grew by 2.2%, the slowest growth since Covid 2020.
“Today’s economic data delivered a messy message of higher-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 Fed’s current tendency to take its time with monetary policy.”
