On Saturday, U.S. President Donald Trump declared an immediate increase in the global tariff rate from 10% to 15%. His move comes following criticisms relating to the Supreme Court’s ruling which had constrained his authority under the International Emergency Economic Powers Act (IEEPA). In a Truth Social post, Trump stated:

“As President of the United States of America, I will be, effective immediately, raising the 10% worldwide tariff on countries, many of which have been ‘ripping’ the US off for decades, without retribution, until I came along, to the fully allowed, and legally tested, 15% level.”
(Translation: Trump expressed that countries have been unfairly taking advantage of the U.S. and he will enforce the tariff to protect American interests.)

Earlier, he had introduced a 10% tariff and was leveraging legal avenues from the Trade Expansion Act of 1962 and the Trade Act of 1974 for imposing these charges. However, attorney Adam Cochran pointed out that the laws in question restrict the duration and extent of such tariffs.

Despite the uncertainty these announcements bring to financial markets, the cryptocurrency sector remains resilient. Notably, Bitcoin’s price has maintained its position around $68,000 and Ethereum has shown minimal fluctuations.