US Tariff System Revamped Amid Supreme Court Ruling: Bitcoin Caught in Crosshairs

The US Supreme Court's ruling in February on Donald Trump's emergency law has led to a new tariff system, which is keeping inflation alive and trapping Bitcoin in the Fed's crosshairs.

Trump had used the International Emergency Economic Powers Act (IEEPA) to impose tariffs on imports from nearly everywhere. However, the Supreme Court rejected this reading, ruling that IEEPA doesn't authorize the president to impose tariffs.

The administration returned to the federal statute book and found several older trade powers that the Court had left untouched. By July 24, goods from 60 trading partners were again passing through an American tariff barrier, with most receiving an additional duty of either 10% or 12.5%

The new tariff regime is based on investigations, hearings, country files, product schedules, legal findings, and hundreds of pages of customs instructions. This system may be much harder to remove than its predecessor.