The U.S. Supreme Court may issue a significant ruling this Friday on the global tariff policies during the Trump era, a news that has already caused considerable ripples in political circles, the business community, and global markets.

The core issue of this lawsuit is quite straightforward: Can the President, bypassing Congress, impose large-scale tariffs on global goods under the pretext of national security or trade imbalance? This is not just a legal question; it involves the delineation of powers between the President and Congress.

For risk assets such as cryptocurrencies and stocks, the outcome of this ruling is highly significant. If the court limits the President's authority to impose tariffs, global trade uncertainty will decrease markedly. This means companies can plan supply chains with more confidence, and investors' risk premiums will also decline. Conversely, if the court maintains the current power structure, the U.S. could continue to take unilateral actions in trade, leading to higher market volatility.

From a broader perspective, this case essentially tests the boundary between executive and legislative powers in trade policy. Regardless of the ruling, it will serve as an important legal reference for the U.S. in future tariff and trade negotiations.

Currently, investors and businesses are focused on this date. The general consensus is that this ruling will not only impact tariff policies themselves but also influence the overall stability expectations of the global trade order. Once the dust settles, the pricing logic of BTC and other risk assets may adjust accordingly. Therefore, the recent market movements should be closely watched.