The U.S. Supreme Court on Friday struck down President Trump’s tariff regime in a 6-3 decision.
“No President has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope,” the court ruling said.
“That ‘lack of historical precedent,’ coupled with the ‘breadth of authority’ that the President now claims, suggests that the tariffs extend beyond the President’s ‘legitimate reach.'”
Bitcoin knee-jerked about 2% higher on the news, rising past the $68,000 level. As has been typical in crypto lately, though, the gain was reversed within minutes, returning to just below $67,000 at the current time.
Crypto’s fleeting gains stood in contrast to what’s appearing more sustainable in stocks, with the Nasdaq rising 0.6% to a session high.
Stagflationary data
Earlier Friday, a batch of U.S. economic data showed signs of stagflationary impulses. The U.S. economy grew only a modest 1.4% in the final three months of 2025, the Commerce Department reported. Alongside core personal consumer expenditure prices rose 3% year-over-year, faster than the hoped for 2.9% and up from 2.8% previously.
On a yearly basis, the economy grew 2.2%, which is the slowest growth since Covid year 2020.
“Today’s economic data delivered a messy message of both hotter than expected inflation, and slower than anticipated growth,” Art Hogan, chief market strategist at B. Riley Wealth, said. “The confusing message from today’s data confirms the current Fed bias to take their time with monetary policy.”