The U.S. Supreme Court struck down President Trump’s tariff regime in a 6-3 decision on Friday.
“No president has ever invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope,” the court ruling said.
“The lack of historical precedent, coupled with the breadth of the authority now claimed by the president, suggests that the tariffs exceed the president’s ‘lawful scope.'”
After the news broke, Bitcoin subconsciously rose by about 2%, surpassing the $68,000 level. However, as is typical in the cryptocurrency space of late, the gains reversed within minutes and are now back to just under $67,000.
The short-lived gains in cryptocurrencies contrasted with what appears to be a more sustainable rise in stocks, with the Nasdaq rising 0.6% to a session high.
Stagflation data
Earlier on Friday, a batch of U.S. economic data showed signs of stagflationary impulses. The U.S. Department of Commerce reported that the U.S. economy grew only slightly at 1.4% in the last three months of 2025. Meanwhile, core personal consumption expenditures prices rose 3% year-on-year, above expectations of 2.9% and up from the previous 2.8%.
On an annual basis, the economy grew by 2.2%, the slowest growth since Covid 2020.
“Today’s economic data sent a mixed message, with higher-than-expected inflation and lower-than-expected growth,” said Art Hogan, chief market strategist at B. Riley Wealth. “Today’s data’s confusing message confirms the Fed’s current preference to go slowly with monetary policy.”
