U.S. President has announced plans to increase the global tariff rate to 15% from 10%, just a day after he first announced the new global tariff. This move also follows the Supreme Court’s ruling on the Trump tariffs under IEEPA, which the court found illegal.
Trump Tariffs Increase To 15% From 10%
In a Truth Social post, Trump announced that, effectively immediately, the U.S. is raising the 10% global tariff to the “fully allowed, and legally tested” 15% level. He added that over the next few months, his administration will determine and issue the new and legally permissible tariffs.
This announcement comes just a day after Trump unveiled the 10% global tariffs following the Supreme Court’s ruling. The global tariff falls under section 122 of the Trade Expansion Act of 1962. It is also worth noting that 15% is the limit rate under this section. As such, these Trump tariffs cannot increase beyond this rate.
Meanwhile, these tariffs have a duration of just five months. However, the Trump administration can extend them with congressional approval. These global tariffs are meant ot serve as a temporary substitute after the Supreme Court struck down the Trump tariffs under the IEEPA.
The Bitcoin fell slightly following this announcement from the U.S. president, dropping from around $68,600 to around $68,200. TradingView data shows that the leading crypto is trading at around $68,300 at the time of writing.
VanEck Chief Matthew Sigel suggested that the Supreme Court ruling could provide a major boost for BTC and the broader crypto market as money printing and debasement could accelerate. However, the Trump administration has indicated that it intends to implement the same tariff structure it had under IEEPA, using the Trade Expansion Act of 1962. As such, BTC could still face downside pressure as Trump moves to announce new tariff measures.
Ruling May Revive Crypto Trade
In a CNBC interview, BitMine’s Chairman, Tom Lee, stated that the Supreme Court’s ruling on the Trump tariffs may reignite the crypto trade. He noted that the crypto market has been shielded from the impact of the tariffs and that it won’t be impacted by the unwinding of the ruling.
However, market commentator The Milk Road warned that Trump’s latest announcement is likely to spark market uncertainty again. This could negatively impact crypto prices as market investors anticipate more tariffs.
There is also uncertainty around whether the U.S. will have to refund the revenue from the Trump tariffs under the IEEPA following the Supreme Court’s ruling. The U.S. faces a potential refund of up to $175 billion in tariff revenue.
