The U.S. Supreme Court on Friday struck down President Trump’s tariff plan in a 6-3 decision.
“No president has ever invoked a statute imposing any tariffs, let alone tariffs of this size and scope,” the court’s ruling said.
“The lack of historical precedent and the breadth of authority currently asserted by the president suggest that tariffs are beyond the president’s ‘legitimate scope.'”
Bitcoin rose about 2% on the news, surpassing the $68,000 level. However, as is often the case with cryptocurrencies these days, the gains reversed within minutes and are now back at just under $67,000.
The temporary rally in cryptocurrencies contrasted with the stock market, which looked more sustainable, with the Nasdaq rising 0.6% to a new high.
stagflation data
Early Friday, a range of US economic indicators showed signs of a stagflationary impulse. The U.S. economy grew by just 1.4% in the final three months of 2025, according to a report from the Commerce Department. In addition to core personal consumption expenditures, prices also rose 3% year-on-year, beating expectations of 2.9% and up from 2.8% previously.
On an annual basis, the economic growth rate was 2.2%, the slowest growth since 2020 after the outbreak of the new coronavirus infection.
“Today’s economic data sent a mixed message: both inflation was higher than expected and growth was slower than expected,” said Art Hogan, chief market strategist at B. Riley Wealth. “The confusing message from today’s statistics confirms the Fed’s current bias to take its time with monetary policy.”
