China supports court ruling on Trump 'Liberation Day' tariffs originally appeared on TheStreet .
On Wednesday, the U.S. trade court decided to block President Donald Trump's trade tariffs, citing that the president had overstepped his role. Following a U.S. court ruling, crypto markets reacted with relative calm.
As of writing, Kraken's feed shows that Bitcoin was trading around $108,781 and was relatively unchanged on the day, while Ethereum was up 2.6% at $2,720. Although the overall market cap temporarily dropped by 1.6% to $3.56 trillion, the top altcoins, such as Solana and BNB, moved marginally.
China welcomed the court's ruling. China's Ministry of Commerce called on the U.S. to remove the tariffs altogether, citing that they had negatively harmed global trade and U.S. consumers.
He Yoqing, a Chinese spokeswoman, described the tariffs as "unilateral" and "misguided" and called on the U.S. to promise that it would stop enforcing restrictions on exports of chips, which she has said were discriminatory and in breach of the U.S.-China trade deal. "Trade wars have no winners," said Yongqian.
The ruling has reignited discussions about Trump's trade policies among politicians and investors. Some Wall Street individuals have coined the "TACO" rule — " Trump Always Chickens Out" — as noted by Robert Armstrong at the Financial Times .
TACO captures a sentiment among traders that Trump took a challenging trade position, but he always ends up pulling back, so the market rallies instead of down drafts. However, the President has refuted and said, "It's called negotiation," in response to such claims.
At the same time, prominent on-chain analyst Willy Woo placed Bitcoin' s stability into the broader context of these macroeconomic changes. Woo explained that Bitcoin is taking on increasingly more attributes of a global macro asset, which is increasingly divorced from its usual four-year halving cycles.
With liquidity driving price action globally, Bitcoin is increasingly being used as "the canary in the coal mine" for global financial trends.
China supports court ruling on Trump 'Liberation Day' tariffs first appeared on TheStreet on May 29, 2025
This story was originally reported by TheStreet on May 29, 2025, where it first appeared.
