Breaking: Supreme Court Delays Ruling on Trump Tariffs

The U.S. Supreme Court has again failed to rule on the Trump tariffs, further delaying its much-anticipated decision on the case, which could impact global trade relations. This development comes even as crypto traders continue to bet that the justices will rule against the president’s authority to issue these tariffs.

Supreme Court Does Not Rule On Trump Tariffs

The Supreme Court did not rule on the tariffs case today, even as it gave opinions on three cases. This is the second time this year that the court has failed to issue a ruling in the tariffs case.

CoinGape reported last week that the court did not rule on the Trump tariffs on January 9, the first opinion day of the year. The court will decide whether the U.S. president has the authority to issue these tariffs under the International Emergency Economic Powers Act. This case is significant for the crypto market, as it sparked a drawdown last year, with BTC dropping to as low as $74,000.

As such, a ruling against the Trump tariffs could mark a positive for BTC and the broader crypto market. Moreover, it would come at a time when the flagship crypto is reaching new yearly highs, rising to as high as $97,000 today.

Crypto traders are currently betting on the Supreme Court ruling against the tariffs. Polymarket (Prediction Market)data show only a 31% chance that the justices will rule in favor of the Trump administration. Meanwhile, it is worth noting that the U.S. president has signaled that the administration has alternatives, even if the court rules against these tariffs, indicating that the administration could reimpose the taxes as quickly as the court strikes them down.

U.S. President Warns Against Negative Impact Of Potential Ruling

In a Truth Social post, the U.S. president had warned that the country is “screwed” if the court rules against his tariffs. This came as he noted that potential repayments to governments and companies would amount to hundreds of billions of dollars.

He further noted that this payback doesn’t include the amounts these countries and companies would demand for making investments to avoid the Trump tariffs. Trump added that the repayments could run into trillions of dollars when this is put into consideration.

A potential ruling against the Trump tariffs could also change the trajectory of Fed rate cuts this year, which would impact the market. Some Fed officials have warned that the tariffs could cause inflation to trend upward. As such, a ruling against the tariffs could ease these concerns and possibly lead to more cuts this year.