On January 7, the US Supreme Court postponed the decision on the litigation challenging President Donald Trump’s global tariffs
The new date for the next sentence is set for January 14.
When Trump announced large “reciprocal” tariffs targeting countries around the world on April 2, 2025, a day called “Liberation Day”, he invoked the International Emergency Economic Powers Act (IEEPA).
The administration had argued that the trade deficits constituted a national emergency and the president did not need to consult with Congress to impose global tariffs.
Several businesses affected by the decision and 12 US states, mostly led by Democrats, then went to the Supreme Court to challenge Trump’s tariffs.
Related: Crypto markets flip amid Supreme Court hearing on Trump tariffs
If the court decides that the president was wrong when he invoked the emergency powers, the Trump administration will have to pay back the importers who have already paid the duties. The reimbursement is estimated to be more than $133.5 billion according to a Reuters report.
But the administration can only get away with limited repayments if the court decides to give the president limited powers under the IEEPA.
The court’s decision has far-reaching implications not only for the global economy but also for the crypto market.
The digital asset market has increasingly moved with Wall Street in the last year and Trump’s tariff announcements have often upset the markets during 2025.
In fact, it was Trump’s threat to raise tariffs on China on October 10 of last year that triggered the crypto flash crash in which more than $19 billion was lost in one day.
Before major policy announcements, mysterious crypto traders often make market orders and net millions of dollars.
As previously reported, a trader made millions by shorting cryptocurrencies before Trump’s China announcement on October 10.
Recently, a crypto trader on Polymarket made a profit of more than $400,000 by betting on the removal of the Venezuelan president Nicolás Maduro.
Notably, the trader had created his Polymarket account just a day earlier, leading to speculations of insider trading.
Once again, a crypto whale placed an order as markets buzzed with reports of a Supreme Court decision expected on January 9.
