The Court of International Trade in Manhattan has ruled that the trade tariffs imposed by former U.S. President Donald Trump were illegal. The decision comes after months of global market turbulence caused by the worldwide implementation of these tariffs.
However, the Trump administration has rejected the ruling. According to Bloomberg on Thursday (May 29), the decision can still be appealed to the Supreme Court, the highest judicial authority in the United States.
Previously, Trump imposed reciprocal tariffs on dozens of countries around the world, including Indonesia. These tariffs triggered significant volatility in financial markets, including stocks and cryptocurrencies. Bitcoin, in particular, saw a sharp decline and remained stagnant for several weeks before eventually rebounding to the US$100,000 level.
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