logo
US court blocks Trump's 'Liberation Day' tariffs

US court blocks Trump's 'Liberation Day' tariffs

Yahoo7 days ago

By Dietrich Knauth and Daniel Wiessner
NEW YORK (Reuters) -A U.S. federal court on Wednesday blocked President Donald Trump's "Liberation Day" tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
The Manhattan-based Court of International Trade said the U.S. Constitution gives the U.S. Congress exclusive powers to regulate commerce with other countries that are not trumped by the president's emergency powers to safeguard the U.S. economy.
The lawsuit, filed by the nonpartisan Liberty Justice Center on behalf of five small U.S. businesses that import goods from countries targeted by the duties, was the first major legal challenge to Trump's tariffs.
The companies - which range from a New York wine and spirits importer to a Virginia-based maker of educational kits and musical instruments - have said the tariffs will hurt their ability to do business.
The lawsuit is one of seven court challenges to Trump's tariff policies, along with challenges from 13 U.S. states and other groups of small businesses.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

10-Year Treasury Yield Heads Toward Largest Decline Since April 14
10-Year Treasury Yield Heads Toward Largest Decline Since April 14

Wall Street Journal

time23 minutes ago

  • Wall Street Journal

10-Year Treasury Yield Heads Toward Largest Decline Since April 14

1316 ET — The yield on the 10-year U.S. Treasury note is headed toward its biggest one-day decline since April 14 after a pair of lackluster reports on the U.S. economy. Yields, which fall when bond prices rise, began sliding early in the session after the ADP's National Employment report showed that 37,000 jobs were created in May, the slowest pace of private-sector hiring in two years. Economists polled by The Wall Street Journal projected hiring would increase by 110,000 new jobs. Yields extended their decline after an ISM services report, which suggested that activity among service firms fell unexpectedly in May. The survey's index for new orders and inventories both sank into contraction, with respondents reporting difficulty in planning due to uncertain tariff policies. The 10-year yield recently traded near 4.36%, down from 4.46% Tuesday. ( 0841 ET – An ominous sign from the U.S. labor market triggers a rush to Treasury bonds, driving yields sharply lower. ADP says only 37,000 jobs were created by private employers in May, the lowest since March 2023. Economists surveyed by WSJ expected 110,000. ADP revises the April figure to 60,000 from 62,000 and says hiring is losing momentum while pay growth remained at robust levels. The report may reflect businesses reluctance to hire amid tariffs uncertainty. Trump cites the report to call on the Fed to lower rates. Friday, payrolls are expected to slow a little from April. The 10-year is at 4.419% and the two-year at 3.931%. ( @ptrevisani)

NIO's Q1 Loss Wider Than Expected, Revenues Increase Y/Y
NIO's Q1 Loss Wider Than Expected, Revenues Increase Y/Y

Yahoo

time23 minutes ago

  • Yahoo

NIO's Q1 Loss Wider Than Expected, Revenues Increase Y/Y

NIO Inc. NIO incurred a loss per American Depositary Share ('ADS') of 45 cents in the first quarter of 2025, which was wider than the Zacks Consensus Estimate of a loss of 22 cents. The company reported a loss of 36 cents in the year-ago quarter. This China-based electric vehicle maker posted revenues of $1.66 billion, which missed the Zacks Consensus Estimate of $1.71 billion but rose 20.85% year over year due to higher delivery volumes. NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote It delivered 42,094 vehicles in the first quarter, up 40.1% year over year, including 27,313 vehicles from NIO and 14,781 from ONVO. Revenues generated from vehicle sales amounted to $1.37 billion, up 18% year over year. The rise in sales was mainly attributable to an increase in delivery volume. Other sales of $288.8 million rose 36.5% on a year-over-year basis. Gross profit was $126.7 million, up 87.7% reported in the year-ago quarter. Vehicle margin in the reported quarter climbed to 10.2% from 9.2% in the first quarter of 2024, due to lower material cost per unit. Gross margin was 7.6%, up from 4.9% in the year-ago quarter. The rise was attributable to an increase in sales from parts, accessories and after-sales vehicle services. Research & development costs amounted to $438.4 million, which rose 10.5% year over year. Selling, general & administrative costs were $606.4 million, up 46% year over year. As of March 31, 2025, cash and cash equivalents totaled $3.6 billion and long-term debt amounted to $1.28 billion. For second-quarter 2025, NIO projects deliveries in the range of 72,000-75,000 vehicles, implying a rise of 25.5-30.7% year over year. Revenues are estimated between $2,689 million and $2,765 million. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) NIO currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Autoliv Inc. ALV reported first-quarter 2025 adjusted earnings of $2.15 per share, which beat the Zacks Consensus Estimate of $1.72 and rose 37% year over year. The company reported net sales of $2.58 billion in the quarter. The figure beat the Zacks Consensus Estimate of $2.47 billion but fell 1.4% year over year. Autoliv had cash and cash equivalents of $322 million as of March 31, 2025. Long-term debt totaled $1.57 billion. Operating cash flow in the quarter under review was $77 million and capital expenditure amounted to $93 million, resulting in a negative free cash flow of $16 million. In the quarter, ALV paid a dividend of 70 cents per share and repurchased 0.5 million shares. Mobileye Global Inc. MBLY reported first-quarter 2025 adjusted earnings per share of 8 cents. The figure was in line with the Zacks Consensus Estimate. The company reported a loss of 7 cents per share in the year-ago quarter. Total revenues amounted to $438 million, beating the Zacks Consensus Estimate of $434 million. The metric also rose 83% year over year. MBLY had cash and cash equivalents of $1.51 billion as of March 29, 2025, compared with $1.43 billion as of Dec. 28, 2024. Operating cash flow for the three months ended March 29, 2025, was $109 million. Capex was $14 million during the same time frame. Group 1 Automotive GPI reported first-quarter 2025 adjusted earnings per share of $10.17, which beat the Zacks Consensus Estimate of $9.68 and rose 7.17% year over year. The automotive retailer registered net sales of $5.51 billion, beating the Zacks Consensus Estimate of $5.34 billion. The top line also rose from the year-ago quarter's $4.47 billion. Group 1 had cash and cash equivalents of $70.5 million as of March 31, 2025, up from $34.4 million as of Dec. 31, 2024. Total debt was $2.8 billion as of March 31, 2025, down from $2.91 billion as of Dec. 31, 2024. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Autoliv, Inc. (ALV) : Free Stock Analysis Report Group 1 Automotive, Inc. (GPI) : Free Stock Analysis Report Mobileye Global Inc. (MBLY) : Free Stock Analysis Report NIO Inc. (NIO) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research 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

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store