The U.S. Supreme Court did not rule today on the Trump tariffs, as market participants kept an eye out for a potential ruling after the court set today as an opinion day. Meanwhile, White House advisor Kevin Hassett has said that the administration has alternatives if the court rules against it.
Supreme Court Does Not Rule On Trump Tariffs Today
The U.S. Supreme Court did not rule on the tariffs case, having just given one opinion today, which was on the Bowe vs. U.S. case. This development comes as market participants continue to await the court’s ruling on whether the tariffs are illegal, which would be a major setback for the Trump administration.
CoinGape reported earlier this week that the Supreme Court could rule on the Trump tariffs as early as today, after setting today as the first opinion day of the year. It is worth noting that the court doesn’t specify which cases it will give opinions on beforehand. As such, the tariffs case could have come up today, but it didn’t.
The next opinion day is next week, Wednesday, January 14, another day on which the Supreme Court could rule on whether the U.S. president has the authority to issue these tariffs. Ahead of the court’s opinion today, White House advisor Kevin Hassett said he is confident the Supreme Court will side with the Trump administration.
However, if that doesn’t happen, Hassett claimed that they have a backup plan for the Trump tariffs. The backup plan includes reinstating the tariffs under other legal authorities, including Section 301 and Section 122 of the Trade Act.
Meanwhile, crypto traders are currently betting on the Supreme Court ruling against the tariffs. Polymarket data shows only a 26% chance that the court will rule in Trump’s favor.
Bitcoin Rallies To $92,000 Following Supreme Court’s Non-Ruling
The Bitcoin price rallied to as high as $92,000 after the Supreme Court delayed its decision on the Trump tariffs. The flagship crypto is now up on the day after dropping below $90,000 earlier today.
Notably, the U.S. jobs report had also sparked significant volatility for BTC and the broader crypto market. The flagship crypto rose to as high as $90,700 following the jobs data before dropping below $90,000 at the U.S. market open.
Now, Bitcoin is looking to break above $92,000 after the Supreme Court failed to rule on the Trump tariffs. The crypto market has in the past reacted to developments around the tariffs, including the infamous October 10 crypto crash when Trump imposed 100% tariffs on China.
