Morning Minute: Supreme Court Rules Against Trump Tariffs
Decrypt
by Tyler WarnerFebruary 23, 2026
AI-Generated Deep Dive Summary
The Supreme Court has ruled against former President Trump's "Liberation Day" tariffs, deeming them an unconstitutional overreach of presidential authority under the International Emergency Economic Powers Act (IEEPA). The 6-3 decision highlighted concerns that the tariffs would have set a precedent for unprecedented presidential power over trade policy. In response, Trump迅速 announced new 15% global tariffs under Section 122 of the Trade Act of 1974, bypassing the legal challenges of the previous ruling. While markets initially shrugged off the decision, crypto prices experienced volatility, with Bitcoin dipping to $64k before rebounding slightly.
The immediate market reaction was short-lived, with Bitcoin fluctuating between $64k and nearly $68k following the ruling. The broader crypto market also saw a selloff over the weekend, with major cryptocurrencies like Ethereum and Solana dropping by 2-5%. However, these declines were part of a larger correction that began earlier in February, driven by broader macroeconomic factors such as inflation trends and Federal Reserve policy.
The ruling has significant implications for both traditional markets and crypto. In the short term, reduced tariff revenues could lower inflation expectations, potentially easing pressure on the Fed to raise interest rates further. This "relief rally" narrative suggests a positive outlook for risk assets like cryptocurrencies. Long-term effects may include dollar weakness and increased money printing by central banks, which could further bolster Bitcoin's role as a monetary hedge.
However, political developments also loom large. If public sentiment against Trump's tariff policies translates into voter backlash, it could strengthen Democratic control in Congress, potentially slowing progress on crypto-friendly legislation like the Clarity Act. This adds another layer of uncertainty for the crypto sector, particularly if policy delays or shifts occur.
The broader macroeconomic landscape
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Originally published on Decrypt on 2/23/2026