US Court Blocks Trump’s Tariffs, Strengthening Legislative Checks on Executive Power
The US trade court has blocked President Donald Trump’s “Liberation Day” tariffs, citing that he exceeded his authority. Key points include:
- Tariffs were imposed under the International Emergency Economic Powers Act (IEEPA).
- The trade court ruled only Congress can regulate such tariffs.
- This ruling reinforces checks on executive power regarding trade policies.
The halt on tariffs may enhance investor optimism in financial markets, despite potential short-term confusion over active import taxes. Recent macroeconomic events have influenced crypto and stock volatility.
- On May 28, the S&P 500 fell by 0.56% and global crypto market cap decreased by 0.2% to $3.42 trillion.
- Bitcoin briefly dropped below $107,000 after hints of inflation risks from the Fed but returned to around $108,000 following the tariff pause.
- Ethereum reached a local high of $2,784 earlier today.