Judge rules Trump's firing of FTC commissioner was illegal
US District Judge Loren AliKhan said the Trump administration's attempt to remove Slaughter did not comply with removal protections in federal law.
'Because those protections remain constitutional, as they have for almost a century, Ms. Slaughter's purported removal was unlawful and without legal effect,' AliKhan wrote.
'As the Court recognized today, the law is clear, and I look forward to getting back to work,' said Slaughter in a statement. 'The for-cause removal protections that apply to my colleagues and me at the FTC also protect other independent economic regulators like the SEC, the FDIC, and the Federal Reserve. '
The dispute over Trump's firing of Alvaro Bedoya and Slaughter in March will inevitably end up before the US Supreme Court, which ruled 90 years ago that FTC commissioners may be dismissed only for good cause, such as neglecting their duties. Bedoya formally resigned in June to take another job and is not part of the case.
That ruling has protected the independence of agencies that regulate road safety, stock markets, telecommunications, monetary policy and more, shielding them from direct White House control.
The Supreme Court, however, signaled it could strip that protection from agencies such as the Merit Systems Protection Board and National Labor Relations Board. Its ruling in May allowed Trump to keep two Democratic members of those boards sidelined while they challenge their terminations. The Supreme Court is led by a 6-3 conservative majority.
The White House said, 'the Supreme Court has repeatedly upheld the President's constitutional authority to fire and remove executive officers who exercise his authority. The Trump Administration will appeal this unlawful decision and looks forward to victory on this issue.' The FTC declined to comment.
AliKhan said the Trump administration wants 'the FTC to be something it is not: a subservient agency subject to the whims of the President and wholly lacking in autonomy. But that is not how Congress structured it.'
The FTC, currently led by three Republicans, is structured so that no more than three of its five commissioners come from the same party.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Flurry of trade deals offers relief for some Asian countries, while others wait
BANGKOK (AP) — U.S. President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States. A deal with China is under negotiation, with U.S. Treasury Secretary Scott Bessent saying an Aug. 12 deadline might be postponed again to allow more time for talks. Steep tariffs on U.S. imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world. The deals reached so far, ahead of Trump's Aug. 1 deadline Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15% tariffs on U.S. imports from Japan, down from Trump's proposed 25% 'reciprocal' tariffs. It was a huge relief for automakers like Toyota Motor Corp. and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr., Trump said the import tax on products from his country would be subject to a 19% tariff, down just 1% from the earlier threat of a 20% tariff. Indonesia also will face a 19% tariff, down from the 32% rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods. Earlier, Trump announced that Vietnam's exports would face a 20% tariff, with double that rate for goods transshipped from China, though there has been no formal announcement. Talks with China may be extended Negotiations with China are subject to an Aug. 12 deadline, but it's likely to be extended, Bessent told Fox Business on Tuesday. He said the two sides were due to hold another round of talks, this time in Sweden, early next week. Meanwhile, Trump said a trip to China may happen soon, hinting at efforts to stabilize U.S.-China trade relations. A preliminary agreement announced in June paved the way for China to lift some restrictions on its exports of rare earths, minerals critical for high technology and other manufacturing. In May, the U.S. agreed to drop Trump's 145% tariff rate on Chinese goods to 30% for 90 days, while China agreed to lower its 125% rate on U.S. goods to 10%. The reprieve allowed companies more time to rush to try to beat the potentially higher tariffs, giving a boost to Chinese exports and alleviating some of the pressure on its manufacturing sector. But prolonged uncertainty over what Trump might do has left companies wary about committing to further investment in China. No deals yet for South Korea and other Asian countries Pressure is mounting on some countries in Asia and elsewhere as the Aug. 1 deadline for striking deals approaches. Trump sent letters, posted on Truth Social, outlining higher tariffs some countries will face if they fail to reach agreements. He said they'd face even higher tariffs if they retaliate by raising their own import duties. South Korea's is set at 25%. Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%. Nearly every country has faced a minimum 10% levy on goods entering the U.S. since April, on top of other sectoral levies. Economists expect tariffs to sap growth even with trade deals Even after Trump has pulled back from the harshest of his threatened tariffs, the onslaught of uncertainty and higher costs for both manufacturers and consumers has raised risks for the regional and global economy. Economists have been downgrading their estimates for growth in 2025 and beyond. The Asian Development Bank said Wednesday it had cut its growth estimate for economies in developing Asia and the Pacific to 4.7% in 2025 and 4.6% in 2026, down 0.2 percentage points and 0.1 percentage points. The outlook for the region could be further dimmed by an escalation of tariffs and trade friction, it said. 'Other risks include conflicts and geopolitical tensions that could disrupt global supply chains and raise energy prices,' as well as a deterioration in China's ailing property market. Economists at AMRO were less optimistic, expecting growth for Southeast Asia and other major economies in Asia at 3.8% in 2025 and 3.6% next year. While countries in the region have moved to protect their economies from Trump's trade shock, they face significant uncertainties, said AMRO's chief economist, Dong He. 'Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,' he said. Elaine Kurtenbach, The Associated Press
Yahoo
24 minutes ago
- Yahoo
How the dropping dollar could scramble Trump's agenda
President Trump and his aides are closely watching the US dollar's drop over the first six months of this year as they track a change that could have wide-ranging effects, from how tariffs are felt to Federal Reserve policy to America's role in the world. The question, which notably remains a somewhat open one even among Trump's aides, is whether the net effects may include at least some positive short-term consequences for the president's agenda or whether the dollar needs to be strengthened at all costs. Commerce Secretary Howard Lutnick offered a limited case for a weaker dollar on CBS over the weekend when he responded to a question about rising consumer prices by saying that "the dollar declining sort of softens tariffs completely." The currency's moves so far this year — which have surprised some economists who expected Trump's tariffs to put pressure in the other direction — could indeed boost exports but could also complicate Trump's goals for the coming months, primarily by pushing prices up for US consumers of foreign goods. Trump himself remains very much in the strong dollar camp, as he reiterated just a few days ago, saying that he is "never going to let the dollar slide." The only way that could happen, he added, is "if you have a dummy" as president. The somewhat mixed messaging comes as the US dollar index — a measure of the US currency against various foreign currencies — has fallen significantly and is now down almost 10% since Inauguration Day. Declines in recent days have put the currency, as of Tuesday afternoon, near two-year lows. It's a change that, if it sticks, will have varied consequences for Trump's agenda — and not just on the trade front. RSM's Joe Brusuelas offered in a note this week that a weakening dollar tends to be followed by inflation pressure — "but it usually takes nine to 12 months" — which could work most directly against Trump's keen interest in lower interest rates. If the dollar holds or declines further, the economist wrote, "such a scenario will most likely lead the Federal Reserve to hold its policy rate steady through the end of the year at best" due to inflation uncertainty. 'People vote with their feet' The somewhat surprising dollar moves so far this year have also spurred some concerns that recent declines could be early signs of a loss of faith from global investors. As JPMorgan Chase (JPM) CEO Jamie Dimon put it recently, "people vote with their feet," and "if people decide that the U.S. dollar isn't the place to be ... that will become a problem." Eurasia Group's Ian Bremmer added in a recent analysis that the dollar's role as the world's global reserve currency is likely safe for now, but the US is entering a period where investment trends "could start a long term slide to become closer to parity in trust and utility with the Euro." Some analysts are pushing back, saying the evidence isn't there (at least yet) for a long-term slide. A recent analysis from Monty Gandhi at the SMBC Group called the flows away from the dollar "still more myth than reality" and found that "speculative positioning may reflect short-term bearishness on the dollar, actual capital flows continue to favor U.S. assets." Another note of skepticism about any long-term effects came from Torsten Sløk, chief economist at Apollo Global Management, who wrote in a note that his expectation is that if the trade uncertainty is resolved, "the US dollar is expected to appreciate again" after what he describes as a rebound in demand for US assets that began in May. (Disclosure: Yahoo Finance is owned by Apollo Global Management.) It's also a narrative that the White House pushes hard against, with Trump taking an aggressive stance against BRICs, an intergovernmental organization comprising 10 countries that had floated a long-shot idea of a common currency. "They wanted to try and take over the dollar," the president said. Trump promised a 10% tariff in response and gloated last week that the group's influence is "fading out fast," likening the possible loss of the dollar's status as a reserve currency to "losing a world war." "Ten-year Treasury yields rallying down since Inauguration Day, four consecutive expectation-beating inflation reports, and the trillions in historic investment commitments that have poured into the United States since Election Day are all indicative of the confidence that investors and markets continue to have in our economy and currency," added White House spokesperson Kush Desai in a statement. Read more: What is the 10-year Treasury note, and how does it affect your finances? A long-simmering Trump-world debate This summer's focus on the dollar is just the latest in a debate within Trump's orbit that stretches back even before the 2024 election around whether the dollar is overvalued. As the Atlantic Council recently put it: "What's the Trump administration's dollar strategy? It depends on who you ask." On one side historically are figures like Stephen Miran, the chair of Trump's Council of Economic Advisers, who touted the idea of a "Mar-A-Lago accord" last year, before he joined the administration, that was largely built on a premise that the US dollar is "persistently overvalued" and that tariff inflation can be avoided if currency issues are also addressed simultaneously. His argument was that tackling the currency question alongside tariffs could rebound in America's favor on a variety of fronts — from the national debt to national security arrangements to providing a boost to US businesses. It was an argument that Lutnick appeared to resurface in part over the weekend. It's also a line of thinking that has faced clear resistance from other aides (and apparently from Trump himself) who shy away from any public suggestion that the Trump administration is interested in lessening the US dollar's strength. Treasury Secretary Scott Bessent — a former currency trader himself — has repeatedly downplayed the dropping dollar, saying that "it's natural for currencies to go up and down and what we've seen is not out of the ordinary." Bessent is often quick to note that the dollar also declined in 2017 — the beginning of Trump's first term — but then rose in the following years. He often casts the moves — as he did on CNBC earlier this month — as better understood as a strengthening of the euro instead of a weakening of the dollar. So far, at least, Trump's actions have focused on one side of Miran's thesis, the implementation of tariffs, but with much less focus on his corollary currency ideas beyond things like a mention of "currency practices" in his "Liberation Day" tariffs executive order. It has even led Miran to offer some distance from his own paper and, on possible currency actions, to suggest "could it be something that is entertained down the road? Sure." Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
FTSE 100 LIVE: Stocks surge as Trump strikes trade deals with Japan, the Philippines and Indonesia
This embedded content is not available in your region. The FTSE 100 (^FTSE) and European stocks soared higher on Wednesday as traders cheered news that US president Donald Trump has agreed to a "massive" trade deal with Japan, one of the country's largest trading partners. Posting on his social media site Truth Social, Trump said: "We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits. This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it. "Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things." Japan's prime minister Shigeru Ishiba welcomed the announcement on Wednesday, adding that he expects the agreement to contribute to the world economy. "Japan's tariff rate, which had been set to increase to 25% on reciprocal tariffs, was kept at 15%. This is the lowest figure to date among countries with trade surpluses with the US," he said. Stocks: Create your watchlist and portfolio "The agreement does not include any reduction of tariffs on the Japanese side, including on agricultural products." "This is precisely the result of my consistent advocacy and strong lobbying of the US since I proposed 'investment over tariffs' to president Trump at our White House summit in February this year." Separately, Trump also announced that the US would levy a 19% tax on imports from the Philippines. He wrote on social media that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," Trump wrote on Truth Social, offering no further details about the apparent agreement. Meanwhile, Indonesia is set to pay a 19% tariff rate. Trump posted: "It is agreed that Indonesia will be Open Market to American Industrial and Tech Products, and Agricultural Goods, by eliminating 99% of their Tariff Barriers. "The United States of America will now sell American Made products to Indonesia at a Tariff Rate of ZERO, while Indonesia will pay 19% on all of their products coming into the U.S.A." London's benchmark index (^FTSE) was 0.4% higher in early trade - a fresh intraday high. Germany's DAX (^GDAXI) rose 0.7% and the CAC (^FCHI) in Paris headed 1.4% into the green. The pan-European STOXX 600 (^STOXX) was up 0.9% amid raised hopes that the EU might also be able to reach a trade deal with the US. Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green. The pound was 0.2% up against the US dollar (GBPUSD=X) at 1.3548. Follow along for live updates throughout the day: Indonesia to pay 19% tariff rate And the tariff news doesn't stop there... It has been announced that Indonesia is set to pay a 19% tariff rate. Trump posted: US also strikes trade deal with the Philippines Separately, Trump also announced that the US would levy a 19% tax on imports from the Philippines. He wrote on social media that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," Trump wrote on Truth Social, offering no further details about the apparent agreement. Compared to Japan, the Philippines is a relatively small trade partner with the US. Last year it sent around $14.2bn worth of goods to America, including car parts, electric machinery, textiles and coconut oil. Japan welcomes US trade deal Japanese prime minister Shigeru Ishiba welcomed the US-Japan trade deal on Wednesday. He said: It comes as Japan was the fourth largest single-country export market for US agriculture and related products in 2022, valued at nearly $17bn (£12.5bn). This is according to a report from the International Trade Administration. The US was the country's largest supplier of food and agricultural products, followed by the EU, China, Australia, and Thailand. Japan was also the biggest export market for US beef and pork, valued at roughly $5bn combined, and the second largest market for US corn, valued at $3.3bn. Asia and US overnight Stocks in Asia were higher overnight, with the Nikkei (^N225) surging 3.7% to a one-year high in Japan as the country struck a trade deal with the United States that lowers tariffs on its cars. US president Donald Trump said on Tuesday that a trade deal with Tokyo will include Japan paying a lower-than-threatened 15% tariff on shipments to the US. It also comes after an agreement with the Philippines that will see the US collect a 19% tariff rate on imports from there. Trump added that said representatives from the European Union were coming for trade negotiations on Wednesday, even as the EU was reportedly refining countermeasures in case of a deadlock before the 1 August deadline. Shares of carmakers surged on the back of the news with Mazda Motor (7261.T) rallying 17% and Toyota (7203.T) jumping more than 14%. Meanwhile the Hang Seng (^HSI) rose 1.3% in Hong Kong and the Shanghai Composite ( was 0.3% up by the end of the session. In South Korea, the Kospi (^KS11) added 0.4% on the day, with carmakers in the country also rising as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the US. Across the pond on Wall Street, stocks inched to another record following some mixed profit reports. The S&P 500 (^GSPC) rose 0.1% to the all-time high it had set the day before, closing at 6,309.62, and the tech-heavy Nasdaq (^IXIC) slipped 0.4% from its own record, to 20,892.68. The Dow Jones (^DJI) gained 0.4% to end at 44,502.44. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead we have data releases including US existing home sales for June, and the Euro Area's preliminary consumer confidence reading for July. Otherwise, earnings releases include Alphabet (GOOG) and Tesla (TSLA). Here's a snapshot of what's on the agenda: 7am: Trading updates: Kier, Compass Group, Mitie, Greencore, Marstons, ME Group 7am: UK Public Sector Net Borrowing 9.30am: Supreme Court to rule on appeal against LIBOR and EURIBOR convictions of Tom Hayes and Carlo Palombo 12pm: US weekly mortgage approvals data 3pm: US new home salesIndonesia to pay 19% tariff rate And the tariff news doesn't stop there... It has been announced that Indonesia is set to pay a 19% tariff rate. Trump posted: And the tariff news doesn't stop there... It has been announced that Indonesia is set to pay a 19% tariff rate. Trump posted: US also strikes trade deal with the Philippines Separately, Trump also announced that the US would levy a 19% tax on imports from the Philippines. He wrote on social media that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," Trump wrote on Truth Social, offering no further details about the apparent agreement. Compared to Japan, the Philippines is a relatively small trade partner with the US. Last year it sent around $14.2bn worth of goods to America, including car parts, electric machinery, textiles and coconut oil. Separately, Trump also announced that the US would levy a 19% tax on imports from the Philippines. He wrote on social media that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," Trump wrote on Truth Social, offering no further details about the apparent agreement. Compared to Japan, the Philippines is a relatively small trade partner with the US. Last year it sent around $14.2bn worth of goods to America, including car parts, electric machinery, textiles and coconut oil. Japan welcomes US trade deal Japanese prime minister Shigeru Ishiba welcomed the US-Japan trade deal on Wednesday. He said: It comes as Japan was the fourth largest single-country export market for US agriculture and related products in 2022, valued at nearly $17bn (£12.5bn). This is according to a report from the International Trade Administration. The US was the country's largest supplier of food and agricultural products, followed by the EU, China, Australia, and Thailand. Japan was also the biggest export market for US beef and pork, valued at roughly $5bn combined, and the second largest market for US corn, valued at $3.3bn. Japanese prime minister Shigeru Ishiba welcomed the US-Japan trade deal on Wednesday. He said: It comes as Japan was the fourth largest single-country export market for US agriculture and related products in 2022, valued at nearly $17bn (£12.5bn). This is according to a report from the International Trade Administration. The US was the country's largest supplier of food and agricultural products, followed by the EU, China, Australia, and Thailand. Japan was also the biggest export market for US beef and pork, valued at roughly $5bn combined, and the second largest market for US corn, valued at $3.3bn. Asia and US overnight Stocks in Asia were higher overnight, with the Nikkei (^N225) surging 3.7% to a one-year high in Japan as the country struck a trade deal with the United States that lowers tariffs on its cars. US president Donald Trump said on Tuesday that a trade deal with Tokyo will include Japan paying a lower-than-threatened 15% tariff on shipments to the US. It also comes after an agreement with the Philippines that will see the US collect a 19% tariff rate on imports from there. Trump added that said representatives from the European Union were coming for trade negotiations on Wednesday, even as the EU was reportedly refining countermeasures in case of a deadlock before the 1 August deadline. Shares of carmakers surged on the back of the news with Mazda Motor (7261.T) rallying 17% and Toyota (7203.T) jumping more than 14%. Meanwhile the Hang Seng (^HSI) rose 1.3% in Hong Kong and the Shanghai Composite ( was 0.3% up by the end of the session. In South Korea, the Kospi (^KS11) added 0.4% on the day, with carmakers in the country also rising as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the US. Across the pond on Wall Street, stocks inched to another record following some mixed profit reports. The S&P 500 (^GSPC) rose 0.1% to the all-time high it had set the day before, closing at 6,309.62, and the tech-heavy Nasdaq (^IXIC) slipped 0.4% from its own record, to 20,892.68. The Dow Jones (^DJI) gained 0.4% to end at 44,502.44. Stocks in Asia were higher overnight, with the Nikkei (^N225) surging 3.7% to a one-year high in Japan as the country struck a trade deal with the United States that lowers tariffs on its cars. US president Donald Trump said on Tuesday that a trade deal with Tokyo will include Japan paying a lower-than-threatened 15% tariff on shipments to the US. It also comes after an agreement with the Philippines that will see the US collect a 19% tariff rate on imports from there. Trump added that said representatives from the European Union were coming for trade negotiations on Wednesday, even as the EU was reportedly refining countermeasures in case of a deadlock before the 1 August deadline. Shares of carmakers surged on the back of the news with Mazda Motor (7261.T) rallying 17% and Toyota (7203.T) jumping more than 14%. Meanwhile the Hang Seng (^HSI) rose 1.3% in Hong Kong and the Shanghai Composite ( was 0.3% up by the end of the session. In South Korea, the Kospi (^KS11) added 0.4% on the day, with carmakers in the country also rising as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the US. Across the pond on Wall Street, stocks inched to another record following some mixed profit reports. The S&P 500 (^GSPC) rose 0.1% to the all-time high it had set the day before, closing at 6,309.62, and the tech-heavy Nasdaq (^IXIC) slipped 0.4% from its own record, to 20,892.68. The Dow Jones (^DJI) gained 0.4% to end at 44,502.44. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead we have data releases including US existing home sales for June, and the Euro Area's preliminary consumer confidence reading for July. Otherwise, earnings releases include Alphabet (GOOG) and Tesla (TSLA). Here's a snapshot of what's on the agenda: 7am: Trading updates: Kier, Compass Group, Mitie, Greencore, Marstons, ME Group 7am: UK Public Sector Net Borrowing 9.30am: Supreme Court to rule on appeal against LIBOR and EURIBOR convictions of Tom Hayes and Carlo Palombo 12pm: US weekly mortgage approvals data 3pm: US new home sales Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead we have data releases including US existing home sales for June, and the Euro Area's preliminary consumer confidence reading for July. Otherwise, earnings releases include Alphabet (GOOG) and Tesla (TSLA). Here's a snapshot of what's on the agenda: 7am: Trading updates: Kier, Compass Group, Mitie, Greencore, Marstons, ME Group 7am: UK Public Sector Net Borrowing 9.30am: Supreme Court to rule on appeal against LIBOR and EURIBOR convictions of Tom Hayes and Carlo Palombo 12pm: US weekly mortgage approvals data 3pm: US new home sales Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
