On Friday, the US Supreme Court struck down President Donald Trump’s tariff policy. The court ruled that the president had overstepped his authority by imposing tariffs without congressional approval.
He called the ruling “ridicolous” and said his trade policies were vital to supporting the US economy. Hours after the ruling, Trump announced a 10% tariff on all imports, which he increased to 15% the next day.
Trump used the 1974 Trade Act as a “Plan B,” which allows the president to impose temporary tariffs of up to 15% for 150 days without congressional approval.
While stock and crypto markets initially rallied after the ruling, Trump’s response has rekindled macroeconomic uncertainty and led to a resurgence in currency volatility.
