Bitcoin Surges Above $103,000 as Supreme Court Questions Trump’s Tariff Authority

Bitcoin soared past $103,000 as market uncertainty grew following a tense U.S. Supreme Court hearing that questioned President Donald Trump’s authority to impose sweeping tariffs under emergency powers. Polymarket traders sharply reduced the odds of Trump winning his case, with confidence dropping 29% during Wednesday’s session.

During the hearing, both conservative and liberal justices expressed skepticism over whether the International Emergency Economic Powers Act (IEEPA) legally allowed a president to impose tariffs that resemble taxes. Several justices emphasized that the U.S. Constitution reserves taxing power for Congress, not the executive branch. Justice Sonia Sotomayor pointed out that tariffs collect revenue from American importers and consumers, calling into question the administration’s claim that they serve as regulatory tools.

Justice Neil Gorsuch voiced concern about unchecked presidential power, warning that declaring emergencies to bypass Congress undermines constitutional limits. The scrutiny intensified after Trump’s recent decision to slash tariffs following a one-year trade pact with China—just weeks after he had raised them by 100%. Chief Justice John Roberts and other conservative members echoed bipartisan doubts about the legality of such actions.

Lower courts have already ruled that Trump exceeded his authority, and the Supreme Court’s apparent skepticism added new pressure on the administration. Government lawyers argued the tariffs were aimed at addressing trade imbalances and combating fentanyl imports, but opponents maintained they violated constitutional checks and balances.

If the Court strikes down the tariffs, the U.S. Treasury could face refunding over $750 billion collected since the policy’s inception. Businesses claim the tariffs increased import costs, raising prices for American consumers.

As uncertainty spiked, Bitcoin rallied sharply from $99,500 to above $103,000, reflecting investors’ move toward decentralized assets amid growing doubt over U.S. trade policy stability.