Cryptocurrency Markets Remain Stable Despite Trump's 15% Global Tariff Increase
President Donald Trump turns to alternative legal frameworks to implement tariffs, though legal experts question the extent of his power to enforce such measures.
On Saturday, President Donald Trump of the United States revealed plans to increase the worldwide tariff rate from the 10% level declared on Friday to 15%, with the new rate becoming effective without delay.
The president doubled down on his critique of the Supreme Court ruling that nullified his power to impose tariffs through the International Emergency Economic Powers Act (IEEPA). In a post shared on Truth Social on Saturday, Trump declared:
"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."
The previous day, Trump had declared a 10% worldwide tariff rate that would be imposed in addition to pre-existing tariffs that continued to be enforceable following the Supreme Court's decision, relying on different legal provisions contained within the Trade Expansion Act of 1962 and the Trade Act of 1974.
Nevertheless, Adam Cochran, an attorney who supports cryptocurrency, noted that the reach of these legislative provisions similarly restricts Trump's capacity to implement sweeping tariffs on an ongoing basis.
"The law he is using only allows this to be on countries we have a deficit with, for a set period of 150 days, and at a capped percentage," he said.
Every fresh tariff declaration from Trump has generated significant upheaval across cryptocurrency and equity markets, triggering substantial downward movements that harmed asset valuations and intensified macroeconomic instability among market participants.
Crypto markets held firm in the wake of the latest tariff announcements
Cryptocurrency markets, which typically undergo substantial sell-offs following tariff declarations, demonstrated resilience in response to the most recent tariff-related news.
Bitcoin (BTC) maintained its position around the $68,000 price point, while Ether (ETH) similarly demonstrated stability, exhibiting minimal to zero movement since the tariff announcements were made on Friday.
The Total3 metric, which measures the combined market capitalization of the cryptocurrency industry minus BTC and ETH, declined by under 1% on Saturday and continues to hover around $713 billion as of the time of publication.