Crypto and stock markets could win if the blanket tariffs remain blocked.
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.
Another bull opportunity?
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 $91 483 24h volatility: 1.0% Market cap: $1.83 T Vol. 24h: $30.56 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 $3 141 24h volatility: 1.6% Market cap: $379.24 B Vol. 24h: $16.86 B reached a local high of $2,784 earlier today.
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