White House Develops Contingency Plans Amid Crypto Market Anticipation of Supreme Court Decision

The White House is exploring alternative strategies in anticipation of the Supreme Court's decision regarding Trump-era tariffs. Cryptocurrency traders are optimistic about a ruling against these tariffs, potentially igniting a bullish trend in the market.

White House Considers Alternatives as Supreme Court Decision Nears

According to a Bloomberg report, the administration is developing contingency plans should the Supreme Court rule against the tariffs, with the aim to swiftly implement new measures. The Commerce Department and the Office of the U.S. Trade Representative are actively evaluating these options.

The administration maintains that the tariffs are justified under the International Emergency Economic Powers Act of 1977 (IEEPA). However, previous court rulings have deemed many of these tariffs illegal, leaving the final decision to the Supreme Court.

Potential alternatives include imposing duties under Sections 301 and 122 of the Trade Act, granting the president unilateral authority to impose tariffs. Nonetheless, these measures may be less comprehensive than the current ones and could face legal challenges.

The Trump tariffs have significantly impacted the crypto market since their introduction on April 2, referred to as ‘Liberation Day.’ The latest development was the president's threat of up to 150% tariffs on China, which led to a one-year trade truce.

Crypto Traders Anticipate Supreme Court Ruling Against White House

Data from Polymarket indicates that crypto traders are betting on a Supreme Court ruling against the Trump tariffs, with only a 24% probability of a favorable ruling for the administration.

This represents a decline from previous betting odds which had reached nearly 60% in favor of the tariffs. The timing of the Supreme Court's decision remains uncertain, with potential outcomes including upholding the tariffs, deeming them unlawful, or a mixed verdict.