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A US federal court has blocked Donald Trump’s sweeping ”Liberation Day” tariffs, calling them an overreach of presidential power and prompting BitMEX co-founder Arthur Hayes to say it’s time to “buy everything.”
The US Court of International Trade’s decision covers the 10% baseline tariffs Trump applied to all nations, as well as the higher rates imposed on certain countries.
If the US court upholds its decision on the tariffs, it could lead to the refunding of all tariffs collected since April 2 this year, which might amount to around $10 billion, according to The Kobeissi Letter.
China, which engaged in a heated tariff war with the US, will alone receive $3.5 billion in refunds if the decision holds.
The development prompted Hayes to tweet on X that it’s time to ”buy everything.”
US Appeals Court Decision On Trump Tariffs
Still, the Trump administration has already appealed the court’s decision.
“It is not for unelected judges to decide how to properly address a national emergency,” said White House spokesman Kush Desai. “Foreign countries’ nonreciprocal treatment of the Unites States has fueled America’s historic and persistent trade deficits. These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base – facts that the court did not dispute.”
What’s next after “reciprocal tariffs” were struck down by the court?
If the Court of International Trade’s ruling on “reciprocal tariffs” is upheld, ALL tariffs collected since April 2nd would need to be refunded.
Based on our calculations, which assume 2024-levels of US…
— The Kobeissi Letter (@KobeissiLetter) May 29, 2025
Crypto Fear And Greed Index Climbs As Bitcoin And Crypto Giants Stall
The court’s decision to block the Trump tariffs has boosted crypto investor sentiment. The Crypto Fear And Greed Index rose three percentage points in the past 24 hours to stand at a “Greed” score of 74, a substantial improvement from 60 a month ago.
Despite the rising sentiment, crypto prices have remained mostly in limbo. CoinMarketCap data shows Bitcoin recorded a minor 24-hour loss to trade at $107,983.41 as of 2:25 a.m. EST.
While most of the other top cryptos were largely unchanged, altcoin leader Ethereum jumped 3% to buck the broader trend.
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