In expanding trade war, Trump digs U.S. into a geopolitical hole
On Monday, the White House launched new salvos in its widening trade wars. President Donald Trump threatened to impose tariffs of between 25 percent and 40 percent on imports from 14 countries, including Japan, South Korea, Thailand and Bangladesh, unless they address his concerns over perceived bilateral trade imbalances.
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Gold flat as easing trade tensions offset support from weak dollar
By Brijesh Patel (Reuters) -Gold prices held steady on Thursday after a sharp drop in the previous session, as easing trade tensions dented demand for safe-haven assets, overshadowing support from a weaker dollar. Spot gold was flat at $3,387.15 per ounce, as of 0138 GMT, after dropping 1.3% in the previous session. U.S. gold futures eased 0.1% to $3,492.50. "Yesterday, we saw gold prices seems like well might be building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold." Signalling progress on tariffs, U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports. The European Union and the United States are nearing an agreement on a similar trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Risk sentiment in the wider financial markets rose on the back of progress in trade talks and hopes that more deals could be in the offering. [MKTS/GLOB] Offering support to gold, the U.S. dollar index fell to a more than two-week low, making greenback-priced bullion less expensive for other currency holders. Investors also look forward to a rate decision from the European Central Bank due later in the day. Also on the radar, the U.S. weekly jobless claims numbers on Thursday and S&P Global's flash PMI data will be eyed to gauge economic health ahead of the Federal Reserve's monetary policy decision next week. Spot silver slipped 0.3% to $39.16 per ounce, platinum was steady at $1,411.53 and palladium dipped 1% to $1,265.50.
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Trump's birthright citizenship order is unconstitutional, appeals court says
A federal appeals court said Wednesday that President Trump's executive order curtailing birthright citizenship is unconstitutional. The policy, which has been the subject of a complicated monthslong legal back-and-forth, is currently on hold. But Wednesday's decision appears to mark the first time that an appellate court has weighed in on the merits of Mr. Trump's attempt to end birthright citizenship for many children of undocumented immigrants by executive order. A panel of judges on the U.S. Court of Appeals for the 9th Circuit wrote that Mr. Trump's order is "invalid because it contradicts the plain language of the Fourteenth Amendment's grant of citizenship to 'all persons born in the United States and subject to the jurisdiction thereof.'" White House spokeswoman Abigail Jackson said in a statement to CBS News: "The Ninth Circuit misinterpreted the purpose and the text of the 14th Amendment. We look forward to being vindicated on appeal." On the first day of Mr. Trump's second term, he signed an executive order that said people born in the United States should not automatically get citizenship if one parent is undocumented and the other isn't a citizen or green-card holder, or if both parents are in the U.S. on temporary visas. The order directed federal agencies to stop issuing citizenship documents within 30 days to people who fall into those categories. The order drew a flurry of lawsuits, as most legal experts have said the 14th Amendment — which was ratified in 1868 — automatically offers citizenship to virtually everybody born within the U.S., regardless of their parents' immigration status, with extremely narrow exceptions. The Trump administration argues the citizenship clause of the 14th Amendment does not apply to people whose parents are in the country illegally or temporarily — citing a clause that says citizenship is granted to those who are "subject to the jurisdiction" of the United States. Those parents do not necessarily have "allegiance" to the country, the government argues, so they therefore aren't "subject to the jurisdiction." The 9th Circuit disagreed. It wrote Wednesday that a plain reading of the 14th Amendment suggests that citizenship was meant to be granted to anybody who is "subject to the laws and authority of the United States." "The Defendants' proposed interpretation of the Citizenship Clause relies on a network of inferences that are unmoored from the accepted legal principles of 1868," the judges wrote. "Perhaps the Executive Branch, recognizing that it could not change the Constitution, phrased its Executive Order in terms of a strained and novel interpretation of the Constitution," the opinion said. The issue reached the 9th Circuit after a lower court in Washington state blocked the birthright citizenship executive order in February, responding to a lawsuit from several Democratic states. The Trump administration in March appealed that ruling. It reasserted its arguments about who the 14th Amendment applies to, called the ruling "vastly overbroad" and argued the states did not have standing to sue over the order. On Wednesday, the 9th Circuit said the states did have the right to sue, pointing to the risk that states would be financially harmed by a federal policy that narrows who qualifies for citizenship. The appellate judges also upheld the district court's finding that the states are likely to succeed in showing the order violates the Constitution. The 9th Circuit's ruling was written by Clinton-appointed Judge Ronald Gould, and joined by Obama-appointed Judge Michael Daly Hawkins. A third member of the panel — Judge Patrick Bumatay, appointed by Mr. Trump in his first term — dissented in part, writing that the states don't have standing and adding "it's premature to address the merits of the citizenship question or the scope of the injunction." Supreme Court hasn't weighed in on merits of birthright citizenship — yet The birthright citizenship issue reached the Supreme Court earlier this year, but not in a case involving the merits of the Trump administration's policy. Instead, the Supreme Court weighed in on whether the district courts that issued nationwide blocks against Mr. Trump's executive order were exceeding the scope of their power — a perennial topic of debate in legal circles that has frustrated presidents of both parties. The high court's ruling last month limited the use of nationwide injunctions. In a 6-3 decision, it granted a request by the administration to narrow the injunctions against the birthright citizenship order, but "only to the extent that the injunctions are broader than necessary to provide complete relief." That doesn't mean the birthright citizenship order will take effect. 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