U.S. President Donald Trump announced a hike in global tariffs to 15% on Saturday, shortly after the Supreme Court struck down his previous policy. Cryptocurrencies Bitcoin and Ethereum displayed varied responses, with one report indicating gains and another noting slight declines. The move follows earlier negative impacts from Trump's trade announcements on crypto markets.
On Friday, the U.S. Supreme Court struck down President Donald Trump's previous tariff policy, ruling that he had acted unlawfully under the International Emergency Economic Powers Act (IEEPA) in imposing reciprocal tariffs.
Hours after the ruling, Trump announced a 10% global tariff on foreign goods. On Saturday, he escalated this by raising the temporary tariffs on almost all imports to 15%, effective immediately. In a post on Truth Social, Trump stated that the increase targeted "countries, many of which have been ‘ripping’ the US off for decades, without retribution (until I came along!)." He also called the court's decision “anti-American” and added, “During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs.”
Crypto markets have historically reacted negatively to Trump's trade policies. In April, his Liberation Day speech led to billions in losses for Bitcoin, Ethereum, and XRP. Further threats against the European Union in May caused additional shocks. Following a major liquidation event in October, prices have struggled to recover from 2025 records, with reduced volatility.
Bitcoin's price response to Saturday's announcement was mixed across reports. According to DL News, citing CoinGecko data at midday in New York, Bitcoin rose nearly 2% over 24 hours to $68,273, while Ethereum increased 2% to nearly $1,987, holding steady despite past trade war impacts. In contrast, CoinDesk reported Bitcoin falling slightly after an initial 0.5% uptick, trading at $68,000 after a nearly 1% drop, with Ether down 0.45% to $1,980.
This comes amid weekly outflows from U.S. spot Bitcoin and Ethereum exchange-traded funds. Investors redeemed nearly $316 million from Bitcoin funds and over $123 million from Ethereum funds, managed by firms including BlackRock, Fidelity, and Grayscale. Over the past seven days, Bitcoin was down 2% and Ethereum 5%, with Friday showing positive flows for Bitcoin ETFs.
