Catenaa, Thursday, June 12, 2025-A US trade court has blocked President Donald Trump’s “Liberation Day” tariffs, ruling the sweeping trade measures illegal and beyond presidential authority. The Trump administration promptly filed an appeal.
The US Court of International Trade in Manhattan sided with Democratic-led states and small businesses, which challenged Trump’s use of an emergency law to impose the tariffs, calling the action unlawful.
The tariffs, announced April 2, rattled global markets and affected Bitcoin’s performance, though the cryptocurrency remained relatively stable amid the turmoil.
Asian markets opened higher Thursday, with Japan’s Nikkei 225 up 1.67% and Australia’s ASX 200 posting gains. India’s Nifty and Sensex also rose. US stock futures surged after the court decision.
Reacting to the ruling, BitMEX founder Arthur Hayes took to X (formerly Twitter) to issue a bullish call, urging investors to “buy everything round dos.”
Hayes, speaking at the Bitcoin Conference in Las Vegas, reiterated his forecast that Bitcoin could reach $1 million.
Hayes credited the $4 trillion US stimulus from 2020 to 2021 for Bitcoin’s surge from $3,800 to nearly $70,000. He said projected capital injections through 2028—double the post-COVID period—combined with decreasing Bitcoin supply, set a strong macroeconomic stage for Bitcoin’s value to skyrocket.
The court’s decision adds a new twist to the ongoing trade and economic policy battles affecting markets worldwide. The Trump administration’s appeal will continue to shape this evolving story.
