Crypto and stock markets could win if the blanket tariffs remain blocked.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
US President Donald Trump’s “Liberation Day” tariffs faced a strong blockage from a US trade court on May 28.
The US president exceeded his authority by imposing blanket import taxes on countries with trade surpluses with the United States, Reuters reported.
The tariffs, imposed under the International Emergency Economic Powers Act (IEEPA), have been permanently blocked from the trade court. Per the report, only Congress has the authority to regulate such tariffs.
This decision reinforces the constitutional checks on executive power, even on the US president. The trade court’s ruling against Trump’s tariffs demonstrates that trade policies are subject to proper legislative scrutiny.
While there could be a short-term confusion over what import taxes are active, the halt on tariffs will likely strengthen investor optimism in financial markets.
Macroeconomic events have proven to be impactful on the volatile crypto and stock markets — low-cap assets usually see higher volatility.
The US Federal Open Market Committee’s Minutes on May 28 triggered a mild correction within financial markets. S&P 500 declined 0.56%, and the global crypto market cap decreased by 0.2% to $3.42 trillion.
Bitcoin BTC $106 156 24h volatility: 0.9% Market cap: $2.11 T Vol. 24h: $38.01 B took a short fall below $107,000 right after the FOMC Minutes as the Fed hinted at inflation risks. With the tariff pause, the leading cryptocurrency rose back to the $108,000 zone.
Ethereum ETH $2 655 24h volatility: 1.1% Market cap: $320.53 B Vol. 24h: $26.60 B reached a local high of $2,784 earlier today.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
