Following the ruling, the 10-year Treasury yield rose above 4.50%. Investors now expect the Federal Reserve to make clearer and bolder moves. The court found Trump’s unilateral tariffs unconstitutional and stated that emergency economic laws do not support such authority. Hayes pointed out that the US injected $4 trillion into the markets during 2020–2021. This liquidity combined with ETF demand and long-term holdings led Bitcoin to rise from $3,800 to $70,000. Hayes expects twice as much new capital by 2028. He argues that with decreasing supply, this will push BTC to $1 million. 

US Tariffs Court Decision 

The US International Trade Court’s decision raises the prospect of refunding tariffs collected since April 2. The refund amount is estimated to reach about $10 billion. China alone will receive $3.5 billion from this refund package. This situation may accelerate the European Union’s search for a new trade deal with the US. The court ruling covers the 10% base tariff and higher rates applied to some countries. If the court also approves the “reciprocal tariffs” principle, a fundamental change in US trade policy could occur. 

Arthur Hayes, commenting on the developments, said the market is ready for a second major rally. According to Hayes, the court ruling reduces uncertainty and boosts investor confidence. “This is the time to buy everything,” Hayes said, predicting gains across all markets, including crypto assets. 

Meanwhile, the Trump administration announced it would appeal the decision. The prolonged legal process indicates that tariff uncertainty will continue for some time. Experienced economist Peter Schiff supported the court’s decision, stating, “Tariffs belong to Congress. One person making this decision is unconstitutional.” 

Additionally, S&P 500 futures rose 1.6%, and Nasdaq futures increased by about 2%. Nvidia shares gained 4.4% following a strong earnings forecast. 

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