The tariffs introduced by President Trump have faced backlash from various US lawmakers, analysts, and attorneys in Washington, DC.

Senator Rand Paul remarked that these tariffs act as a tax hike on working families and small enterprises, labeling them detrimental to the broader economy.

Congressperson Ro Khanna also criticized the tariffs, emphasizing that they were not security measures but rather taxes that burden everyday families and small businesses, funding an aggressive trade war.

Senator Paul Source: Rep. Ro Khanna

Recently, the US Supreme Court rebuffed Trump’s power to impose tariffs under existing laws, prompting Trump to announce a new global tariff rate of 10%.

Scott Lincicome, of the Cato Institute, criticized the tariffs, stating, “Even without IEEPA, other US laws and the Trump administration’s repeated promises all but ensure that much higher tariffs will remain the norm, damaging the economy and foreign relations in the process.”

Tariffs often have a negative effect on cryptocurrency markets. Despite this, Bitcoin’s price saw a modest increase of 3% following the latest tariff announcement.

Tariff Impact on Crypto Markets Source: TradingView

In another statement, Trump declared an additional 10% global tariff, reaffirming that all existing tariffs would continue to be enforced, while legal expert Adam Cochran noted that such measures are restricted in applicability, addressing only countries where trade deficits exist for set durations.