Instant View: Markets cheer court ruling to block Trump tariffs
SINGAPORE, May 29 (Reuters) - U.S. stock futures jumped and the dollar gained against safe-haven peers including the yen and Swiss franc on Thursday, after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs from going into effect.
The Trump administration has appealed the ruling.
S&P 500 E-mini futures climbed 1.5% and the U.S. currency jumped 0.7% to 145.83 yen and 0.8% to 0.8339 Swiss franc .
Here are some quotes from market analysts:
"It seems inevitable the Supreme Court will be ordered to weigh in on this one, which makes today's news more of a speedbump than a full-drawn conclusion. But for now, investors get a breather from the economic uncertainty they love to loathe."
"It's certainly a blow to the Trump administration. However, it's likely that the administration will proceed with appeals and other procedures in federal court. So, this block doesn't mean that policies regarding tariffs will completely stop.
"On the other hand, this is a domestic matter for the U.S., and I think that tariff negotiations will continue.
"In the financial markets, there's an initial reaction of a stronger dollar and weaker yen. However, considering judicial processes like appeals, I don't expect a continuous rise in the dollar."
"The kneejerk response of markets to the CIT ruling is intriguing - rather than taking it as simple risk-on news that should benefit the likes of AUD and NZD, the U.S. dollar is the main beneficiary.
"It appears as though while there must be significant caution over the ruling being overturned by higher courts, for now the weight of money is being placed on the possibility that U.S. courts prevent the White House from self-imposed economic damage, brightening U.S. growth prospects and the USD."
"We're just trying to work out what it might mean, but obviously the market is doing a kneejerk reaction so I guess it's reversing a lot of the moves that we've seen… you know all the direction of change has been opposite to what we have seen since Liberation Day, but it's not at all clear what this means.
"The assumption is that the tariffs that have been announced and are in place will stay in place… Our assumption is President Trump will appeal this trade court's decision and he has the right to appeal... And then it will be up to the federal court and what happens there? I have no idea. So this may be an absolute storm in a teacup or potentially something more significant.
"I think it's way premature basically to say that this has the potential to reverse a lot of the moves that we've seen in the last couple of months."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
4 minutes ago
- Daily Mail
Joe Biden, 82, seen in public as he marks 10th anniversary of son Beau's tragic death amid cancer battle
Joe and Jill Biden attended mass in Wilmington, Del., on Friday to mark the 15th anniversary of the death of their son Beau. The former first couple were seen at St. Joseph on the Brandywine, the Catholic Church were Beau is buried. The public sighting comes as the former president battles prostate cancer and the former first lady is facing calls to testify about her role in an alleged coverup of Joe Biden 's health while he was in office. Beau Biden died of glioblastoma, a very aggressive type of brain cancer, in 2015. The Bidens go to church every year on the anniversary of his death and visit his grave. Earlier this month Joe Biden announced he's been diagnosed with an aggressive form of prostate cancer. The cancer has metastasized and spread to his bones, a statement from his office revealed, adding that the family is deciding on treatment options. The news, along with new reporting about efforts by Biden's core team of advisors to shield him from scrutiny, has prompted a renewed focus on Biden's health while in office, as well as the role Biden loyalists played. The questions resulted from the publication of Jake Tapper and Alex Thompson's book 'Original Sin,' which alleges a cover up of the then-president's condition. The book, however, also notes the Biden family wanted to keep Beau Biden's cancer diagnosis a secret and misled the media about his condition. 'Beau's cancer treatment also demonstrated the Biden's capacity for denial and the lengths they would go to to avoid transparency about health issues, even when the person in question is an elected official, in this case the sitting attorney general of Delaware,' the book says. Beau Biden was diagnosed in 2013 after collapsing during a family vacation. He later had surgery to remove a brain tumor. In September 2013,' Biden and Beau's team internally debated how much to disclose about Beau — the vice president's son and a state's top law enforcement officer — but ultimately said nothing,' the book said. 'In November, Beau told a local reporter he had been given a 'clean bill of health.' However, the book says Beau continued to receive treatment and even checked into hospitals under the name George Lincoln in order to shield his real identity. Joe Biden, who was then vice president, often traveled with his son to support him in his treatment but, according to Tapper and Thompson, ordered his aides to mislead the press and public about his location. Meanwhile, House Oversight Chairman Rep. James Comer has requested to interview four former Biden aides and former White House physician Dr. Kevin O'Connor about Joe Biden's health. And, on Thursday, White House press secretary Karoline Leavitt said Jill Biden should be included in that request. 'Jill Biden was certainly complicit in that cover up,' Leavitt told said. 'Frankly, the former first lady should certainly speak up about what she saw in regards to her husband and when she saw and what she knew,' Leavitt said. She continued to pile on Jill Biden: 'She was saying everything is fine. She's still lying to the American people. She still thinks the American public are so stupid ... And frankly, it's insulting and she needs to answer for it.'
NBC News
6 minutes ago
- NBC News
Supreme Court allows Trump to revoke legal status of 500,000 immigrants
WASHINGTON — The Supreme Court on Friday allowed the Trump administration to revoke temporary legal status granted to more than 500,000 immigrants by the Biden administration. The court granted an emergency application filed by Homeland Security Secretary Kristi Noem that ends the Biden program that gave 532,000 people from Cuba, Haiti, Nicaragua and Venezuela permission to temporarily live and work in the United States. The brief order noted that liberal justices Ketanji Brown Jackson and Sonia Sotomayor dissented. Jackson wrote that the court had failed to take into account "the devastating consequences of allowing the government to precipitously upend the lives and livelihoods of nearly half a million noncitizens while their legal claims are pending." The administration was contesting a ruling by Massachusetts-based U.S. District Judge Indira Talwani, who ruled the administration could not sweep away each person's status without an individualized determination. Starting in 2022, then-Homeland Security Secretary Alejandro Mayorkas granted what is called parole for two years to people from the affected countries in part to alleviate the surge of immigrants arriving in the U.S.-Mexico border. The policy, known as the CHNV parole programs, allowed immigrants who passed a security check and who had a sponsor in the United States who could provide housing, to enter the country and stay. Solicitor General D. John Sauer said in court papers that Talwani did not have authority to rule on the issue, with Noem given authority to make her decision under the federal Immigration and Nationality Act. The same law gave Mayorkas the discretion to allow the affected immigrants to enter and stay in the country. The Department of Homeland Security said in October 2024 that each person's parole would not be extended once their two-year approval period expired. Noem's move to unwind the Biden action was challenged in court by individuals who would be affected as well as the Haitian Bridge Alliance, an immigrant rights group. Their lawyers wrote in court papers that if the Trump administration action is upheld, all the parolees will immediately "become undocumented, legally employable, and subject to mass expulsion." They noted that Talwani's decision did not prevent Noem from ending the program, only that the government could not immediately rescind the status of the people already enrolled via a single sweeping order. The dispute is one of dozens of cases in which the Trump administration has complained about lower court judges blocking its policies even as President Donald Trump has sought to aggressively expand the power of the presidency without the authorization of Congress.
Times
8 minutes ago
- Times
Why arms to Ukraine could sour Serbia's delicate dance with Russia
Act now to keep your subscription We've tried to contact you several times as we haven't been able to take payment. You must update your payment details via My Account or by clicking update payment details to keep your subscription.
