<div id="readability-page-1"><div>The tariffs imposed by US President Donald Trump and the 10% global tariff announced by Trump on Friday have drawn critical reactions from US lawmakers, Washington, DC-based think tanks and attorneys. US Senator Rand Paul said that the Trump tariffs are a tax increase on “working families and small businesses,” characterizing them as a net negative on the economy.“Those tariffs weren’t about security — they were a tax on families and small businesses to bankroll a reckless trade war,” US Congressperson Ro Khanna said. <figure></figure>On Friday, the US Supreme Court (SCOTUS) struck down Trump’s authority to levy tariffs under the IEEPA, which Trump responded to by announcing new 10% global tariffs.Scott Lincicome, Vice President of Cato’s Herbert A. Stiefel Center for Trade Policy Studies, a Washington DC-based think tank, was also critical of the tariffs. In comments shared with Cointelegraph, he said:“Even without IEEPA, other US laws and the Trump administration’s repeated promises all but ensure that much higher tariffs will remain the norm, damaging the economy and foreign relations in the process.” Trump’s tariffs typically had a negative impact on crypto markets and other risk-on assets. However, crypto prices stayed relatively stable amid the most recent round of tariffs, with Bitcoin’s (BTC) price rising by about 3% after the announcement. <figure></figure>Related: Bitcoin ignores US Supreme Court Trump tariff strike amid talk of $150B refundTrump announces an additional 10% tariff, but pro-crypto attorney says legal scope is limited&#34;Effective immediately, all national security tariffs, Section 232, and existing Section 301 tariffs, remain in place, and in full force and effect. Today, I will sign an order to impose a 10% global tariff,” Trump announced on Friday. <figure></figure>The new 10% global tariff will be imposed on top of already existing tariff rates, Trump added. However, the legal statutes Trump cited are limited in scope, according to pro-crypto attorney Adam Cochran.“The law he is using only allows this to be on countries we have a deficit with, for a set period of 150 days, and at a capped percent,” he said.Magazine: Harris’ unrealized gains tax could ‘tank markets’: Nansen’s Alex Svanevik, X Hall of Flame</div></div>

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US lawmakers have criticized President Trump's tariffs, claiming they will harm the economy. Senator Rand Paul described the tariffs as a tax increase on families and small businesses, while Congressperson Ro Khanna labeled them a tax to fund a reckless trade war. The US Supreme Court recently limited Trump's authority to impose tariffs, prompting him to announce a new 10% global tariff. Critics argue that these tariffs will damage the economy and foreign relations, although Bitcoin prices remained stable following the announcement.

- The US Supreme Court has struck down President Trump's authority to impose tariffs under the IEEPA, leading to a new 10% global tariff announcement.  
- Critics, including lawmakers and think tank representatives, argue that these tariffs unfairly burden working families and small businesses, potentially harming the economy and foreign relations.  
- Despite negative impacts typically associated with tariffs on crypto markets, Bitcoin's price rose by approximately 3% after the latest announcement, indicating market resilience.

US lawmakers critical of Trump tariffs, say it will derail economy