US Supreme Court's Tariff Ruling Sparks Debate and Market Resilience

The US Supreme Court's ruling on the IEEPA framework has significant implications for trade policy and its impact on the economy. The court's decision limits the executive branch's authority to impose tariffs under the IEEPA, but President Trump has announced a new 10% global tariff.

Lawmakers have been vocal in their criticism of the move, with some arguing that it will burden working families and small businesses. Rand Paul described the tariffs as a tax transfer, while Ro Khanna countered that they are not focused on national security but rather domestic fiscal calculations.

Crypto markets have shown resilience in response to the news, with bitcoin rising about 3% in the wake of the tariff announcements. The broader market has shown limited movement, suggesting that traders are weighing longer-run implications rather than chasing short-term moves.