&w=3840&q=100)
Trump urges Supreme Court to reject early challenge to his tariffs
Bloomberg
President Donald Trump asked the US Supreme Court to turn away a challenge to his sweeping tariffs, telling the justices they should let the legal fight develop before getting involved.
The filing comes in a case filed by two educational-toy makers that want the justices to take an unusual shortcut by getting involved before a federal appeals court has ruled. US Solicitor General D. John Sauer, the administration's top Supreme Court lawyer, told the justices Thursday that they 'should not leapfrog' the lower court proceedings.
Trump's import taxes remain in effect even though two courts have said many of them exceed the president's powers. The challenged taxes include Trump's April 2 'Liberation Day' tariffs, which combine a universal baseline levy of 10 per cent with potentially much higher rates for various trading partners.
In the case before the high court, Learning Resources Inc. and hand2mind Inc. say Trump lacked authority to issue the tariffs under the 1977 International Emergency Economic Powers Act. US District Judge Rudolph Contreras in Washington agreed, though he limited his ruling to the two companies that sued.
The Trump administration then appealed, and the companies are asking the Supreme Court to directly review Contreras' ruling. The high court in June refused to put the case on an ultra-fast schedule that might have led to arguments as soon as September.
In a separate case, the US Court of International Trade similarly declared many of Trump's tariffs illegal in May. A different federal appeals court scheduled arguments in that case for July 31 and said the tariffs could stay in place in the meantime.
The April 2 tariffs represented the biggest increase in US import taxes since the 1930 Smoot-Hawley levies, taking the country's average applied tariff rate to its highest level in more than a century.
Trump has portrayed tariffs as critical to leveling the playing field for American businesses and workers amid chronic trade deficits.
The case is Learning Resources v. Trump, 24-1287.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
26 minutes ago
- Hindustan Times
Donald Trump says US to help Pakistan develop ‘massive' oil reserves
United States President Donald Trump said on Wednesday (local time) that they have concluded a deal with Pakistan to help develop the latter's 'massive' oil reserves and added that they are yet to choose which company will lead this partnership. Hours after slapping 25 percent tariffs on India, US President Donald Trump said on Wednesday that talks are still going on between the two countries. (AP) Trump also remarked that maybe, Pakistan will be selling oil to India some day. The US President made the announcement through a post on his social media platform Truth Social. This announcement about the US' deal with Pakistan comes right after he announced 25% tariffs on India on Wednesday, along with an unspecified penalty for buying oil from Russia. Also read: Donald Trump announces 25% tariff, plus a penalty on India from Aug 1 'We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!' he wrote. 'Busy day at White House' In the same post, Trump also wrote that he has spoken to leaders of several countries who want to make the US 'extremely happy'. He said that several countries are making offers to the US for tariff reductions which, according to him, will reduce the country's 'trade deficit' massively. 'We are very busy in the White House today working on Trade Deals. I have spoken to the Leaders of many Countries, all of whom want to make the United States 'extremely happy.' I will be meeting with the South Korean Trade Delegation this afternoon. South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is,' Trump wrote. Also read: 'Partially BRICS, partially trade': Trump after slapping 25% tariffs on India 'Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!,' he added. Negotiations with India still on Hours after slapping 25 percent tariffs on India, Trump said on Wednesday that talks are still going on and things will be clearer by the 'end of this week'. He also expressed his displeasure with India being a part of the BRICS, a group of 11 emerging economies, which he termed as anti-United States. 'Well, we are negotiating right now and it's also BRICS. BRICS, which is basically a group of countries that are anti the United States and India is a member of that if you can believe is an attack on the dollar and we are not going to let anybody attack the dollar. So it's partially BRICS and it's partially trade,' he said while responding to a reporter.
Economic Times
26 minutes ago
- Economic Times
US stock market today: S&P 500 falls, Dow Jones drops, Nasdaq offers relief. Check top performing stocks
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel S&P 500 edged down by 0.1 per cent, coming off its first loss after setting all-time highs for six successive days. The Dow Jones Industrial Average dropped 171 points, or 0.4 per cent, and the Nasdaq composite rose 0.1 per cent. S&P 500 slipped 7.96 points to 6,362.90. The Dow Jones Industrial Average dropped 171.71 to 44,461.28, and the Nasdaq composite rose 31.38 to 21, came after doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September. Stocks felt pressure from rising Treasury yields in the bond market after the Federal Reserve voted to hold its main interest rate steady. The move may upset President Donald Trump, who has been angrily lobbying for lower interest rates, but it was widely expected on Wall Street.A cut in rates would give the job market and overall economy a boost, but it could also risk fueling inflation when Trump's tariffs may be set to raise prices for U.S. consumers. The Fed's job is to keep both the job market and inflation in a good on Wednesday announced a 25 per cent tariff on imports coming from India, along with an additional tax because of India's purchases of Russian oil, beginning on August 1. That's when stiff tariffs Trump has proposed for many other countries are also scheduled to kick in, unless they reach trade deals that lower the yield on the two-year U.S. Treasury note rose to 3.93% from 3.86% late Tuesday. It tends to closely follow expectations for what the Fed will do with its overnight interest 10-year Treasury, which also takes into account longer-term expectations for the economy and inflation, rose to 4.36% from 4.34%.A report earlier in the morning suggested the U.S. economy's growth was much stronger during the spring than economists expected. But underlying trends beneath the surface may be more discouraging.'Cutting through the noise of the swings in imports, the economy is still chugging along, but it is showing signs of sputtering,' said Brian Jacobsen, chief economist at Annex Wealth Wall Street, Humana rose 12.4% after the insurer and health care giant reported stronger results for the spring than expected. It also raised its forecasts for profit and revenue over the full maker Electronic Arts climbed 5.7% after likewise topping Wall Street's are under pressure to deliver solid profit growth. They need to in order to justify the big jumps in their stock prices during recent months, which has caused some critics to say the broad U.S. stock market looks too Technologies, whose stock came into the day with a 27.5% gain for the year so far, tumbled even though it reported a stronger-than-expected profit for the latest quarter. The heating, ventilation and air conditioning company's revenue came up short of analysts' estimates, as did its forecast for profit in the current quarter. It dropped 8.4%.Freeport-McMoRan, a copper producer with mines around the world, tumbled 9.5% after Trump signed an executive order to tax imports of copper at 50%.Starbucks stocks slipped 0.2% after reporting a weaker profit than analysts expected as it tries to turn around its operations. The company is hoping to boost its performance through improved store operations and new products, including a cold foam protein stock markets abroad, indexes were mixed across Europe and Asia. Hong Kong's Hang Seng fell 1.4%, and South Korea's Kospi rose 0.7% for two of the bigger moves.A1. Top three indexes of US Stock Market are S&P 500, Dow Jones, Nasdaq.A2. Starbucks stocks slipped 0.2% after reporting a weaker profit than analysts expected as it tries to turn around its operations. The company is hoping to boost its performance through improved store operations and new products, including a cold foam protein drink.
Mint
26 minutes ago
- Mint
US Fed: Jerome Powell-led FOMC holds key interest rates unchanged despite Trump's rate cut pressures
US Fed: The US Federal Reserve's Federal Open Market Committee (FOMC), headed by Chairman Jerome Powell, on Wednesday, 30 July 2025, decided to keep the key benchmark interest rates unchanged at a range of 4.25-4.5%, as per the official announcement. This comes amid intense pressure from US President Donald Trump to cut the lending rates for the people of the nation. The July 2025 policy outcome marked the fifth consecutive time that the US central bank has decided to hold the lending rates since January 2025. Ever since US President Donald Trump took over the White House, the administration has been asking for a rate cut. However, the Fed seems to have a different plan mapped out for the nation. 1. Rates Held Unchanged: The July 2025 US Fed meeting outcome kept the interest rates unchanged at 4.25 to 4.5%, as the central bank positioned itself to review more economic data before cutting them. 'The Committee decided to maintain the target range for the federal funds rate at 4-¼ to 4-½%. In considering the extent and timing of additional adjustments to the target range for the federal funds rate,' said the FOMC. The US Fed also cited that the country's inflation still remains at a 'somewhat elevated' level, but the unemployment rate remains low, with solid labour market conditions. The Jerome Powell-led FOMC also highlighted that the indicators suggest that economic activity's growth moderated in the first half of the year. 'GDP rose at a 1.2% pace in the first half of this year, down from 2.5%,' said Powell in his address to the media. 2. Inflation Risks: The risk of inflation remains looming over the US economy, as the Fed's FOMC committee also highlighted concerns of a 'somewhat elevated' inflation data. However, the US Federal Reserve reiterated its intentions to bring down the inflation rate to its 2% target while supporting maximum employment in the nation. 'The Committee is strongly committed to supporting maximum employment and returning inflation to its 2% objective,' said the US Fed's FOMC. The US Bureau of Labor Statistics data showed that the US CPI inflation for the 12-month period ending June 2025 was at 2.7%, compared to 2.4% in May 2025, with the price of certain goods fueling the inflation rise in the nation. According to the official data release, the prices of meat, poultry, and fish jumped 3.8%, while the cost of eggs jumped 27.3%. 3. Tariff-related Price Push: Fed Chair Powell also said that inflation has continued to ease in the US economy, while the increased tariff rates are pushing up prices in some categories of goods. Jerome Powell's words come days ahead of US President Donald Trump's 1 August tariff deadline for imposing import duties on the world's nations. 'Near-term measures of inflation expectations have moved up, on balance, over the course of this year, on news about tariffs as reflected in both market-based and survey-based measures beyond the next year or so. However, most measures of longer-term expectations remain consistent with our 2% inflation,' said US Fed Chairman Jerome Powell. Powell also later mentioned during the press address that he thinks inflation is 'most of the way back to 2%,' highlighting how the composition of inflation in the economy has changed over time. 4. 'Modestly Restrictive' Policy Stance: Fed Chair Jerome Powell categorised the FOMC's current policy stance as 'modestly restrictive,' with the nation's inflation 'a bit' above 2%. 'I would characterise it as modestly restrictive. Inflation is running a bit above 2% as I mentioned, even excluding tariff effects, the labour market's solid, historically low,' said Jerome Powell. Powell also highlighted that the unemployment and financial conditions are in an 'accommodative' position in the economy. 'So it seems to me and to almost the whole committee that the economy is not performing as a restrictive policy is holding it back inappropriately, and a modestly restrictive policy seems appropriate,' he said. 5. Economic uncertainty situation: In the June 2025 policy announcement, the committee and Powell both agreed that the uncertainties have diminished from their earlier levels, yet they remain elevated in the current market. However, in the July 2025 policy meeting outcome, the FOMC did not mention the diminishing uncertainty, to which Powell said that the uncertainty was even in the economy at this this. 'So at the time of the last meeting, uncertainty had moved down a little bit, but it was more or less even this time. So we took out, you know, had diminished, because it didn't diminish further,' said Powell, responding to a question on the diminishing uncertainty in the US economy. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
