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. Attention will now turn to Friday, January 16, which is the next opinion day.
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 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 these taxes could be reinstated as quickly as the court strikes them down.