The U.S. Supreme Court declined to issue a long-awaited decision on the legality of President Donald Trump’s sweeping global tariffs on Tuesday, extending a period of uncertainty around one of the most consequential trade cases in decades.
With no ruling released and no clear indication of when the next batch of opinions will be published, analysts say the delay is adding pressure to already fragile markets, including cryptocurrencies. Following the development, Bitcoin briefly plunged below $90,000 to trigger a wave of rapid liquidations.
It has since recovered to trade above the psychological level at the time of writing, but is more than 2% down on the 24-hour time frame.
The Court’s silence leaves unresolved a case that could redefine presidential power over trade policy and reshape global commerce.
The dispute centers on Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs on imports from multiple countries, including long-standing allies. His administration claimed emergency authority to justify the measures, linking them to issues such as trade imbalances and fentanyl trafficking.
Lower courts rejected that rationale, ruling that IEEPA does not permit presidents to unilaterally impose across-the-board tariffs, which is a power traditionally reserved for Congress.
Those decisions were stayed while the administration appealed, and the Supreme Court heard consolidated arguments in November 2025. Legal observers say the ruling will determine whether Trump exceeded his statutory and constitutional authority, potentially redefining the separation of powers in economic policy.
With several scheduled opinion days already passed, court watchers had expected movement on the case as early as this week. But the Court released no decision Tuesday, and it remains unclear when the next opportunity for opinions will occur.
Historically, the justices often announce major rulings on Tuesdays and Wednesdays while in session, but no updated schedule has been posted.
The lack of clarity is reverberating beyond the legal world. Economists note that the tariffs remain in force while the case is pending, creating uncertainty for global supply chains and trade negotiations.
International partners, some of whom saw tariff threats linked to unrelated diplomatic tensions such as the Greenland negotiations, are watching for signals about the scope of U.S. executive authority going forward.
Some U.S. officials have suggested they expect the Court to uphold the tariffs, though legal experts caution that the statutory text and lower-court rulings lean heavily the other way.
Crypto Markets React Sharply
The absence of a ruling triggered a swift reaction across financial markets, with cryptocurrency traders appearing especially sensitive to the uncertainty.
Bitcoin fell below $90,000 shortly after the Court’s non-announcement, a drop that contributed to more than $190 million in liquidations within a single hour, according to derivatives-market data.
The rest of the top 10 largest cryptos by market cap also saw their prices plunge on the news. The biggest loss was recorded by Ethereum (ETH), with its price subsequently over 5% in the red on the 24-hour time frame.
A Pivotal Ruling Still to Come
Beyond its immediate market impact, the case is widely seen as one of the most important tests of executive power in modern trade history.
A ruling against Trump could narrow presidential discretion under emergency statutes and alter how administrations use tools like IEEPA to regulate international commerce. A ruling in Trump’s favor, meanwhile, could dramatically broaden the White House’s ability to shape trade policy without congressional approval.