logo
White House vows Supreme Court fight over Trump tariff ruling

White House vows Supreme Court fight over Trump tariff ruling

India Gazette3 days ago

By Reena Bhardwaj
Washington, DC [US], May 30 (ANI): The Trump administration has threatened to escalate its tariffs dispute to the Supreme Court after a court ruling overturned many of the president's new import duties. The administration is demanding that the decision be suspended
White House Press Secretary Karine Leavitt declared, 'We will win this battle in court', in a press briefing and said the administration is working to 'tackle rogue judges.'
When asked why other countries would continue trade negotiations amid the legal uncertainty, she said the U.S. trade ambassador had heard from countries that morning confirming their intention to continue working with the United States.
During a Thursday briefing, Leavitt also informed reporters that U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba spoke by phone on Thursday, exchanging views on tariff-related issues.
The press secretary added that members of the president's cabinet--Secretary Lutnick, Secretary Bessent, and Ambassador Jamieson Greer--have been in contact with their counterparts worldwide to signal that the United States remains committed to negotiations.
'Countries around the world have faith in the negotiator in chief, President Donald J. Trump. And they also probably see how ridiculous this ruling is, and they understand the administration is going to win,' Leavitt said. 'And we intend to win. We already filed an emergency appeal, and we expect to fight this battle all the way to the Supreme Court,' the press secretary asserted.
White House lawyers petitioned the Court of Appeals for the Federal Circuit on Thursday to halt Wednesday's decision from taking effect. The move followed a second court ruling that found President Trump had exceeded his authority in implementing the tariffs.
The rulings represent significant victories for small businesses and states that have mounted legal challenges to the measures, striking at policies central to Trump's economic and foreign policy agenda.
Leavitt also criticised the court's tariff ruling as an example of 'judicial overreach.' She argued that Trump's tariffs were introduced to address U.S. trade deficits with other nations and described the taxes as 'legally sound' and 'long overdue.'past.'
Meanwhile, a US team is scheduled to visit India on June 5-6 for the next round of negotiations on a Bilateral Trade Agreement (BTA) between the two countries.
The India-US trade deal would mark a significant milestone in economic relations between the two big economies, potentially opening new avenues for bilateral commerce and investment.
Additionally, Ray Vickery, Former United States Assistant Secretary of Commerce for Trade Development, said that the trade agreement between India and the US can't happen with Washington's 'bullying approach.'
'In Trump, 1.0, there was a negotiation that came close to getting a freer trade, not a free trade arrangement between the United States and India. One hopes that that would happen, but it's not going to happen with this bullying approach, which the Trump administration has indicated,' Ray Vickery told ANI.
President Donald Trump has made repeated claims that the US mediated the cessation of hostilities between India and Pakistan and offered them 'a lot of trade.'
However, India has emphasised that the two nations' militaries negotiated directly and resolved the conflict through an agreement and understanding for a cessation of fire and military action.
The cessation of hostilities was agreed upon following a call from Pakistan's Director General of Military Operations (DGMO) to his Indian counterpart, Lieutenant General Rajiv Ghai, after India destroyed nine terror infrastructure sites in Pakistan and Pakistan occupied Jammu and Kashmir under Operation Sindoor.
Additionally, Vikrey said that the Trump administration has a 'misunderstanding' regarding trade deficits, due to whichthe US is determined to impose tariffs on other countries.
'The Trump administration has a misunderstanding in regard to trade deficits. Trade deficits are not necessarily something imposed just by unfair trade practices by another country, but they have to do with the United States' own saving and spending habits, he said. (ANI)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

X factor: The rise and fall of Elon Musk as a political figure
X factor: The rise and fall of Elon Musk as a political figure

Mint

time36 minutes ago

  • Mint

X factor: The rise and fall of Elon Musk as a political figure

Elon Musk has officially resigned from the US Department of Government Efficiency (DOGE). Although his role was only temporary and departure was not surprising, it follows his criticism of President Donald Trump's tax bill. The 'Big Beautiful Bill' would not improve America's finances, he said, and will undermine his efforts to cut back on unnecessary government spending. Was there a clear divide between Trump and Musk? Only seven months ago, at his victory speech on 6 November, Trump spent four minutes praising Musk. 'A star is born—Elon!" said Trump. Musk had invested nearly a quarter of a billion dollars in Trump's campaign, which could explain his influence on the Trump administration. It was possibly the most astute investment Musk ever made. He oversaw Trump's DOGE and also shaped a far-right discourse both domestically and internationally. Also Read: Electric debacle: Tesla's troubles started before Musk wore the MAGA cap Musk attempted to involve himself in several European political issues—in Germany and the UK especially. In February, Time magazine portrayed Musk as 'President Musk." Its cover illustration showed him seated at the Resolute Desk in the White House. However, it is evident that Musk has now drifted to the margins of Trump's world. 'Elon is from South Africa—I don't want to get Elon involved," Trump told his South African counterpart, Cyril Ramaphosa, during a discussion at the White House recently. On 19 May, an analysis titled 'Why has Elon Musk vanished from the spotlight?' was published by Politico, which noted that Trump was posting messages about Musk on his Truth Social platform at an average of four times a week in February and March, but stopped doing so in April. Musk was included in nearly daily fund-raising emails sent by Trump's campaign team. However, save for a single email in May, this abruptly stopped in early March. Trump's top advisors and official White House accounts also stopped posting photos and content mentioning Musk. Musk, whose business empire includes Tesla, SpaceX and X, seemed to have got the drift. Amid mounting investor worries, he announced a major reduction in political spending. This was a public indication of the billionaire turning his focus back to his businesses. Also Read: Tesla's slump: When social intelligence clashes with artificial intelligence The main source of Musk's fortune, Tesla, has lost sales globally and suffered severe brand damage as a result of his political activities. His expressions of support for the far-right anti-immigration AfD party in Germany, for example, were noted across Europe. Tesla's sales in Europe dropped 49% in April, indicating a backlash against him. Towards the end of that month, Tesla reported a 71% dip in profits. In a call with Tesla investors, Musk said that he would begin stepping back from his position at DOGE in May. In the US and abroad, Tesla dealerships have been the target of protests and vandalism. Musk's move to impose harsh employment and spending cuts within the federal government on behalf of the Trump administration was dubbed 'one of the greatest brand destructions" ever by Scott Galloway, professor of marketing at New York University's Stern School of Business. According to some surveys, most respondents disapproved of the way Musk and DOGE have handled federal government employees and slashed jobs. About 60% of respondents in a nationwide study conducted by Marquette University Law School last month had a negative opinion of Musk, while 38% had a positive opinion. The study found approval of Musk's DOGE handling at 41% and disapproval at 58%. Also Read: The US should stay away from gimmicks and tackle its real fiscal problem Musk may have recently met his political Waterloo in Wisconsin, where he contributed at least $3 million to making the Wisconsin Supreme Court campaign the most costly in US history. He even personally appeared in Green Bay sporting a cheese-head cap, a favourite among supporters of the Green Bay Packers, an American football team. But the Republican candidate he backed lost by a 10% margin. The Democrats mobilized people by calling it a 'People versus Musk' contest to highlight his intervention. Frankly, Musk's accountability has been non-existent, his loyalties seem inconsistent and his political intentions unclear. Trump might be well aware of this. Musk stood for six hours to shake hands with Democrat Barack Obama during his 2008 presidential campaign. In 2014, Musk described himself as 'somewhere in the middle, fiscally conservative and socially liberal." He even advocated that Trump 'hang up his hat and sail into sunset" in 2022, arguing that he was too old to seek re-election. But then he started to tilt Republican. Also Read: A trade arrangement that leaves out the US could trump Trump's tariffs Thus, it was perhaps inevitable that Trump would grow weary of Musk. Since the president is accustomed to generating all his popularity himself, it would be easy for him to assume he needs nobody's help on that count. Then there is also the matter of Musk's unpopularity, which Trump may not want rubbing off on his own standing. However, Musk will still hold billions of dollars once Trump's term is over, not to mention the power of his social media platform. In the political sphere, his legacy may be a handy list of what the ultra-rich should do and not do. Or maybe he has left America's business class a model that no one else would dare imitate. The author is professor of statistics at Indian Statistical Institute, Kolkata.

Trump tariff hike threatens to impact $5 billion engineering goods exports: EEPC India
Trump tariff hike threatens to impact $5 billion engineering goods exports: EEPC India

Time of India

time36 minutes ago

  • Time of India

Trump tariff hike threatens to impact $5 billion engineering goods exports: EEPC India

New Delhi: The proposed 50% tariff on all foreign steel and aluminium by US President Donald Trump could hurt India's engineering exports, as these metals and their derivatives account for nearly a quarter of the country's total engineering goods shipments to the US. The annual export of steel, aluminium and their derivatives to the US currently stand at around $5 billion. The 25% tariffs imposed by the US on steel imports (as per the proclamation order dated on 18th March 2025) have created a challenging environment for Indian steel exporters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Although India's direct steel exports to the US are relatively low, the tariffs have led to increased global competition and price pressures. The tariffs have also resulted in a shift in trade flows. 'In case the US goes ahead with its plan and impose a 50% tariff on steel, aluminium and their derivatives, exports of these key items will become costlier leading to a likely dip in shipments," said Pankaj Chadha, Chairman, EEPC India, in a statement. Live Events Chadha highlighted that the UK through its trade deal with the US recently got exemptions from 25% tariff on steel and aluminium and suggested that India should also ask for the same kind of waiver during the ongoing bilateral trade agreement (BTA) negotiations with the US. "This is perhaps not the opportune time to introduce such unilateral tariff especially when BTA negotiations are going on. It can make the work of the negotiators tricky. The proposed tariff increase by the Trump administration is likely to impact the engineering exports which are about $5 billion under this head," the EEPC India Chairman said.

Nomura lifts Nifty target price by 1,170 points, unveils 17 top stock picks
Nomura lifts Nifty target price by 1,170 points, unveils 17 top stock picks

Economic Times

time36 minutes ago

  • Economic Times

Nomura lifts Nifty target price by 1,170 points, unveils 17 top stock picks

Live Events Sector Playbook: Domestic Over Global 17 Stock Ideas: Who's In, Who's Out Portfolio Shuffles (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel In a bullish move that defies earnings downgrades and global jitters, Japanese brokerage giant Nomura has raised its Nifty target by 1,170 points to 26,140, citing favorable valuations and domestic resilience. Alongside, it unveiled 17 high-conviction stock picks , signaling a clear pivot toward domestic-facing sectors."Assuming benign risk premium and low yields, we raise the target valuation multiple to 21x (from 19.5x previously)... suggesting potential upside of 6% from current levels,' Nomura said in a note to clients. The firm's new March 2026 Nifty target is based on 21x FY27 earnings, up from its previous 24, Nifty currently trades at 20.5x one-year forward earnings, near the top of its three-year range. Yet, Nomura points to a reassuring spread of -1.4% between earnings yield and bond yield — at the high end of the past four years — to argue that valuations remain cuts in aggregate earnings estimates, Nomura notes that 'there were more beats than misses' in India's Q4 season. Consensus FY26/27 earnings have been trimmed by 2.3%/1.4% since March 2025, and by 7.6%/6.3% since September 2024. For FY27, the brokerage sees further 4–8% downside remains wary of macro headwinds such as weak capex, fiscal consolidation, shrinking household savings, and soft exports. However, it says these risks may be offset by falling oil prices, inflation and interest is betting big on domestic demand and financials, advising investors to prefer consumption over investment themes, and to stay cautious on exporters and capex-heavy plays like IT, metals and cement.'We are most positive on financials as the segment faces relatively low earnings risk and presents valuation comfort,' Nomura is also upbeat on consumer staples, autos, oil & gas, power, telecom, internet, real estate and select domestic healthcare. Within industrials, companies linked to power capex are in IT services, cement, metals and global exporters remain underweight, especially as global trade uncertainty and US tariff risks largecaps, ICICI Bank State Bank of India (SBI), Axis Bank, Bajaj Finance Godrej Consumer , Mahindra & Mahindra (M&M), CG Power, Reliance Industries (RIL), and Tata Power top Nomura's buy and mid-cap favorites include Marico , Dixon, Uno Minda, Gland Pharma Lupin , MedPlus, Oberoi Realt,y and Dr Lal Pathlabs Federal Bank is out of the preferred list due to muted earnings growth, rising opex, and NIM pressure. In capital goods, Hindustan Aeronautics (HAL) is added for strong order visibility, while Bharat Electronics (BEL) is removed after a sharp IT, L&T Technology Services (LTTS) joins the least-preferred list over weak visibility in ER&D amid tariff concerns. Within metals, JSW Steel is dropped due to litigation risks, while Jindal Steel & Power is added for earnings upside from new real estate, Oberoi Realty replaces Lodha on expectations of key project approvals.

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