On Tuesday, the Trump administration extended the tariff delay on Chinese goods by 90 days. At the same time, it imposed aluminum tariffs on more than 400 products, ranging from wind turbines to construction equipment. These decisions increased concerns among trade groups such as the National Foreign Trade Council (NFTC), which stated that tariffs are delaying growth and disrupting operations. 

U.S. Commerce Secretary Invests in Bitcoin Funds 

According to SEC filings cited by Sludge, Lutnick’s firm Cantor Fitzgerald invested $120.7 million in the Fidelity Wise Origin Bitcoin Fund (FTBC). He also allocated $116.8 million to Robinhood shares. In addition, Cantor took positions in Tesla, AMD, and Alibaba. Analysts say these picks include investments both resilient to trade policies and potentially benefiting from tariffs. 

On July 8, Lutnick obtained a waiver allowing him exemption from conflicts of interest. This waiver enabled him to participate in decisions directly affecting Cantor Fitzgerald. Financial policy expert Bartlett Naylor described the case as a striking example of conflict of interest. 

Conflict of Interest Debates in the Trump Administration 

Similar cases emerged among Trump’s close circle. Crypto and AI advisor David Sacks sold a $200 million crypto investment at the start of Trump’s second term but soon received a waiver similar to Lutnick’s. His venture capital firm, Craft Ventures, invested $22 million in U.S.-based AI company Vultron on July 11. This investment accelerated the firm’s growth as it pursued federal contracts. 

U.S. Treasury Secretary Scott Bessent, meanwhile, claimed tariffs would bring $300 billion to the budget. However, economists disagreed, citing supply chain uncertainty. A Yale University report stated tariffs would raise prices by 1.8% in the short term, costing households $2,400 annually. 

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The tariffs, which include a general 10% import tax and were reinstated by the Trump administration in April 2025, had been struck down last month by a lower court for being unlawful. However, the Federal Appeals Court has suspended that decision, allowing the tariffs to remain in place until the appeals process is concluded. 

The court emphasized the “extraordinary importance” of the cases, stating: 

“Both sides have presented strong arguments regarding the disputed tariffs. These cases involve matters of public interest that require swift and thorough adjudication.” 

The lawsuits were brought by various state governments, trade associations, and importers. Plaintiffs argue that Trump’s tariffs violate the Constitution and Trade Law. One of the groups involved in the lawsuit, the Liberty Justice Center, responded to the court’s ruling with the following statement: 

“The lower court clearly found these tariffs to be illegal. The Federal Court’s decision to suspend that ruling is troubling in terms of economic freedom.” 

Meanwhile, the appeals hearing is scheduled for July 31, 2025. Until then, Trump’s tariffs will remain in effect. The final decision will rest with the Federal Appeals Court. 

Economic Impact 

Trump’s tariffs directly affect imports from China, Canada, Mexico, and Europe. Small and medium-sized businesses are particularly vocal about rising import costs. The White House defends the tariffs as measures to protect “America’s economic sovereignty and border security.” Trump supporters also frame the tariffs as part of his broader “economic nationalism” and “border protection” policies. 

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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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