The White House is reportedly studying other options as the Supreme Court’s ruling on the Trump tariffs looms. Crypto traders are currently betting on the Supreme Court ruling against these tariffs, which could spark bullish sentiments in the crypto market.
White House Working On Alternatives As Trump Tariffs Ruling Looms
According to a Bloomberg report, the Trump administration is working on fallback options if the Supreme Court rules against the president’s authority to impose these tariffs, with moves to replace the levies as quickly as possible. The Commerce Department and the Office of the U.S. Trade Representative have reportedly studied Plan B options in case of a ruling against the administration.
The administration has argued that the Trump tariffs are lawful based on the president’s powers under the International Emergency Economic Powers Act of 1977 (IEEPA). However, lower courts have ruled that most of these tariffs are unlawful, and it is now up to the Supreme Court to have the final say.
As part of the alternatives, the Trump administration is considering imposing levies under Sections 301 and 122 of the Trade Act, which grant the president the unilateral authority to impose duties. However, the report noted that these alternatives carry risks, as they could be slower or more limited than the wide-ranging powers Trump has so far asserted. The legality of the tariffs under the Trade Act could also be legally disputed.
The Trump tariffs have so far been one of the major highlights in the crypto market this year, after the president first unveiled the country-based tariffs back on April 2 in what he dubbed ‘Liberation Day.’ The most recent of the tariff saga was the president’s threat of as much as 150% tariffs on China, which eventually resulted in a 1-year trade truce between the two countries.
Crypto Traders Bet On Supreme Court Ruling Against White House
Polymarket data shows that crypto traders are currently betting on a Supreme Court ruling against the Trump tariffs. There is currently only a 24% chance that the Supreme Court will rule in favor of the president.
Source: PolymarketThis marks a new low after Polymarket traders slashed their bets on a ruling in favor of the Trump administration following a report that the justices appeared skeptical of the tariffs’ legality. It is worth noting that the odds of ruling in favor of the tariffs had once reached almost 60%.
There is no set date yet for when the Supreme Court will rule on the Trump tariffs. The justices could uphold the tariffs, rule them as unlawful, or possibly give a mixed ruling that strikes some as unlawful and upholds the rest.
Source: https://coingape.com/trump-tariffs-white-house-prepares-plan-b-as-crypto-market-awaits-supreme-court-ruling/
