US appeals court reinstates Trump's tariffs
US President Donald Trump
Photo:
AFP / Brendan Smialowski
A federal appeals court on Thursday (US time) reinstated the most sweeping of President Donald Trump's tariffs.
The ruling came a day after a trade court
had ruled Trump had exceeded his authority
in imposing the duties and had ordered an immediate block on them.
The United States Court of Appeals for the Federal Circuit in Washington's order provided no opinion or reasoning but directed the plaintiffs in the case to respond by 5 June and the administration by 9 June.
Wednesday's surprise ruling by the US Court of International Trade had threatened to kill or at least delay the imposition of Trump's "Liberation Day" tariffs on most US trading partners, as well as import levies on goods from Canada, Mexico and China related to his accusation that the three countries were facilitating the flow of fentanyl.
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National Business Review
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- National Business Review
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Some world leaders and chief executives might envy US President Donald Trump's ability to sign dozens of executive orders without impunity. They are issued, and sometimes retracted, at a speed that wrongly suggests they are a form of chaos rather than a carefully executed plan. The Economist magazine forewarned its readers back in July 15, 2023, 'How MAGA Republicans plan to make Donald Trump's second term count' outlined what victory in 2024 would mean: '… a team of practised demolition experts would prime their explosive ideas. The deconstruction of the administrative state could begin. The vain and tyrannical whims of an emperor-president would emerge from the rubble.' The plan, as we now know, meant sacking 50,000 top civil servants and replacing them with America Firsters whose personal loyalty to Trump was beyond question. The aim, according to The Economist, was to prevent the 'unelected bureaucracy from stymying the programme of an elected president'. In the US, the public service has no protection from the checks and balances in the constitutional design of the three branches of government it enshrines. Trump and his acolytes had learned their lesson from his first term, which could be accurately described as chaotic in its inability to make appointments and prevent the many legal actions that followed his defeat in 2020. In its prescient article, The Economist correctly predicted that if the Republicans won both houses of Congress, 'nobody in the executive or the legislature will be in a position to stop Mr Trump'. It then warned: 'If these carefully laid plans were enacted, America would follow Hungary and Poland down the path of illiberal democracy.' One might hesitate to say it has reached that point, but it does reflect the theme of this week's column: goal-setting, courtesy of a new local self-improvement book for managers and executives. Deb Bailey in her 20s at World's View, Zimbabwe. Leadership coach Navigate Your Impact: How to achieve goals that really matter is the second book that has been self-published by Deb Bailey, a leadership coach. (Her first was Inside Out: Why leadership starts with you, which was a Covid-era response to leaders who felt lost amid the lockdowns.) Bailey had six years of OE in her 20s, qualifying in human resources management while working in London. On the trip home, she visited World's View on the Nyanga Downs plateau in Zimbabwe. It inspired her to spend 22 years at Fisher & Paykel Healthcare (FPH), New Zealand's most valuable company and one of the few of any scale based on technology. This week, it reported a record revenue of $20.2 billion for the year to March and a 43% increase in net profit to $377.2 million – by far the best performance of any New Zealand corporate. Bailey left FPH in 2016 and completed an MBA, 15 years after Fisher & Paykel Industries split into its appliance and healthcare operations. In 2010, the latter established a manufacturing base in Mexico that supplied about half of the humidifier and sleep apnea products it sold in the US. In her role, Bailey annually interviewed most of the country's top graduates in engineering, given the company's scale and recruitment demands. 'I always noticed a vast difference between those genuinely interested in an engineering career and those who weren't. Genuinely interested candidates were curious from the start. They were eager to engage with the products we showed them during the interview process.' Those who showed little interest often had parents who were engineers themselves, prompting Bailey to observe that these 'amazing young people [were] living someone else's version of their life'. This led to a more fundamental question: 'Who is this goal for?' Fisher & Paykel Healthcare's Mexico headquarters. Life stages The book lays out how this can be answered at various stages of one's life. In her words, '[This] will help you identify and plan your goals, diagnose where you are getting stuck and show you how to move forward for the greatest possibility of achievement and success.' Bailey says many of the principles she practices today were part of the leadership approach at FPH. 'They aligned well with the culture then – particularly a strong 'leaders as coaches' mindset. Clear expectations, timely feedback and genuine support weren't treated as separate events; they were part of everyday interactions.' That has since changed at both the company and in Bailey's own career. She completed an MBA and became immersed in the theoretical side of coaching, by writing or designing leadership programmes. She whittles down her core beliefs into two principles: leadership tools should be simple and feel natural, not forced; and the way forward begins with clarity about the problem to be solved. 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They claim recent neuroscientific findings have uncovered complex and functional neural networks that give scientific credence to the growing body of leadership literature showing how the world's best companies are guided by leaders who can tap into the intelligence of their head, heart, and guts. Deb Bailey Bailey distils this 'three brains' concept in chapters on logical thinking, emotional values, and gut instinct, along with more conventional ways people identify and set goals. She recalls how difficult it could be at FPH for leaders to have coaching conversations when a team member lacked clarity about their aspirations. 'In many cases, no-one had ever asked them what they wanted to do next, and leaders needed the tools to tackle those conversations. Without that clarity, talent development and succession planning could stall.' I am not qualified to judge the effectiveness of these techniques. 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By Stephen Culp and Suzanne McGee , Reuters US President Donald Trump is seen on a TV screen below a display showing the German Stock Market Index DAX at the stock exchange in Frankfurt, Germany, on 3 April 2025. Photo: DANIEL ROLAND / AFP Four months into US President Donald Trump's second term, market observers have taken a cue from his fondness for condensing slogans into catchy acronyms like MAGA, DOGE and MAHA, and devised a few of their own that have been spreading across trading desks. Even those acronyms that do not directly reflect a specific trading strategy still capture factors that traders say are important in Trump-era markets, such as volatility and uncertainty, that investors need to consider, when making decisions. Some new labels are associated with investment strategies that aimed to capitalise on Trump's economic and trade policies, and international relations goals. Others riff off economic implications or his abrupt U-turns, as markets and trade partners react to his proposals. The 'Trump Trade' that played on the Make America Great Again theme after his November election victory and January inauguration, and contributed to record highs on Wall Street in February, is hardly discussed now that stocks, the dollar and Treasury bonds have succumbed to worries about his tariff policies . "Post the election, we heard a lot about YOLO [You Only Live Once], which seemed to promote taking outsize risks in a concentrated investment theme," B Riley Wealth strategist Art Hogan said. YOLO is an acronym used to describe the tendency that was part of the Trump trade to chase high-momentum strategies, such as cryptocurrency. "While the term YOLO was popular for a period of time, it goes against all traditional advice," Hogan said. Here are of few more acronyms that have played in the investment world in recent weeks: Coined by a Financial Times columnist, this one has been used as a way to describe Trump's to-ing and fro-ing on tariffs after his 2 April 'Liberation Day' speech. When asked about TACO in a recent press conference, the president lashed out, calling the question "nasty". "Where we end up might not be too far from what he promised on the campaign trail, so does he always chicken out?" AllianceBernstein fixed income portfolio manager Christian DiClementi said. "I wouldn't go as far as to say that. "I think he wants to rebalance the economy without pushing it off a cliff and we're watching that being executed in real-time. I think some of the ideas are thought out and some of them change on the fly." First coined last year to address European competitiveness, MEGA has resurfaced this spring as a way to describe the flurry of investor interest in and flows into European markets. Spoofing their MAGA counterparts, MEGA hats are easily purchased online. It's been revived by investors and traders in light of the outperformance of European stocks in the immediate aftermath of Trump's 'Liberation Day' tariffs bombshell. While the original Trump Trade was also known as the MAGA trade, this variation cribbed the president's motto, first appearing in response to Vice President JD Vance's brief and unfruitful visit to Greenland , the autonomous territory of Denmark, which Trump has expressed interest in annexing. At least one Canadian investor says that quip is making the rounds of trading desks in Toronto and Montreal, and sparking "wishful thinking" about simply boycotting US investments. Although the acronym also came into being well before Trump's inauguration, it is heard with increasing frequency in trading desk conversations. It is used to capture the financial market's volatility and chaos that Trump's policymaking process has created. Potomac River Capital LLC chief investment officer Mark Spindel described the market as caught in a "pinball machine as a result of that policymaking process". When reached for comment, White House spokesman Kush Desai said "these asinine acronyms convey how unserious analysts have consistently beclowned themselves by mocking President Trump and his agenda that've already delivered multiple expectation-beating jobs and inflation reports, trillions in investment commitments, a historic UK trade agreement and rising consumer confidence." - Reuters
