The tariffs imposed by US President Donald Trump and the 10% global tariffs announced by Trump on Friday have drawn critical reactions from US lawmakers, think tanks and Washington-based lawyers.
US Senator Rand Paul said that Trump’s tariffs This is a tax increase on “working families and small businesses,” calling them a net negative for the economy.
“These tariffs were not about security: they were a tax on families and small businesses to fund a reckless trade war,” said US Congressman Ro Khanna. said.
Friday, the Supreme Court of the United States (SCOTUS) overthrew Trump’s authority to raise tariffs under the IEEPA, to which Trump responded by announcing new global tariffs of 10%.
Scott Lincicome, vice president of Cato’s Herbert A. Stiefel Center for Trade Policy Studies, a Washington, D.C.-based think tank, also criticized the tariffs. In comments shared with Cointelegraph, he said:
“Even without IEEPA, other U.S. laws and the Trump administration’s repeated promises virtually guarantee that much higher tariffs will remain the norm, harming the economy and foreign relations.”
Trump’s tariffs generally had a negative impact on crypto markets and other risky assets. However, cryptocurrency prices have remained relatively stable amid the latest round of tariffs, with Bitcoin (BTC) price up about 3% after the announcement.
Related: Bitcoin ignores Trump tariff strike by US Supreme Court amid talk of $150 billion refund
Trump announces 10% extra tariff, but pro-crypto lawyer says legal scope is limited
“Effective immediately, all national security tariffs, Section 232 and existing Section 301 tariffs, remain in place and in full force. Today, I will sign an order to impose a 10 percent global tariff,” Trump said. announcement Friday.
The new 10% global tariff will be on top of already existing tariffs, Trump added. However, the laws cited by Trump are limited in scope, according to pro-crypto lawyer Adam Cochran.
“The law he uses only allows countries with which we have a deficit, for a set period of 150 days and at a capped percentage,” he said. said.
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