Trump tariffs live updates: Appeals court allows tariffs to stay in effect after trade court rebuke
A federal appeals court allowed President Trump's sweeping tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation after deeming the method used to enact them "unlawful."
That means Trump's tariff agenda remains intact, if in flux, in the latest twist in the unfolding legal saga.
Late Wednesday, the trade court voted to block many of Trump's tariffs, including the flat-rate "reciprocal" tariffs aimed at US trade partners, as well as key China-focused duties. The decision left some levies intact, specifically those covering steel, aluminum, and certain Chinese goods.
The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps.
The White House had vowed Thursday to take its appeal to the Supreme Court if necessary.
Administration officials also hinted that court rulings would not be the final say for a president who has based much of his economic agenda on enacting the tariffs. Yahoo Finance's Ben Werschkul has an overview of the other maneuvers Trump could pursue.
Amid the legal chaos, US trade negotiations have apparently continued in earnest this week, with an FT report on Wednesday saying India has offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities.
India is not the only trading partner seeking a reprieve. On Wednesday, the EU trade chief Maroš Šefčovič said the European Commission is discussing with the US possible cooperation in sectors such as semiconductors, steel, and aerospace.
Tariff concerns continue to weigh on corporate America. Nvidia (NVDA) CEO Jensen Huang said the company plans to manufacture AI chips in the US, but also warned about export controls that limit its ability to ship products to China. This follows Trump's warning that Apple (AAPL) would face 25% tariffs if it failed to move iPhone production to the US.
Here are the latest updates as the policy reverberates around the world.
A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now.
The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps.
As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected.
Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way.
Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling.
Reuters reports:
Read more here.
Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally.
Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels.
Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement.
Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent.
Read more here.
A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs.
The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal.
Taiwan is pushing for tariffs lower than the 10% base rate,
Bloomberg reports:
Read more here.
Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday.
Bloomberg reports:
Read more here.
Bloomberg reports:
Reuters reports:
Read more here.
Such a move could add another wrinkle to US trade negotiations with the EU.
Reuters reports:
Read more here.
Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China.
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Markets may be celebrating the latest turn in the tariffs saga, but the US trade court's block isn't definitive — and that means there's still cause for concern, some analysts say.
Reuters reports:
Read more here.
President Trump's tariff plans appear to be hanging by a thread after the US Court of international Trade deemed them "unlawful." However, his other big priority, a tax and spending bill, could help advance his tariff plans, if it ever gets off the ground.
Reuters reports:
Read more here.
Bloomberg News reports:
Read more here.
Britain and the US will hold talks next week in an attempt to speed up implementation of the trade pact the two sides agreed on this month. The FT reported on Thursday that there is uncertainty surrounding the deal and when American tariff cuts for UK carmakers and steel manufacturers will actually take effect.
The FT reports:
Read more here.
The decision's focus on IEEPA immediately throws into doubt some of the most far-reaching of Trump's tariff actions since taking office. Most notably, those include his "Liberation Day" tariffs of 10% on nearly the entire world, as well as the current threat of higher tariffs on countries that fail to reach a deal during his 90-day pause.
The president has also relied on IEEPA to impose duties on nations such as Mexico, Canada, and China, claiming that the nations' failure to curb the flow of illegal drugs and migration into the US threatened US national security. [...]
Duties based on other laws like those Trump has imposed on certain aluminum and steel products are not included in the court's decision.
Recent duties on automobiles imposed by the president use so-called Section 232 tariff authority derived from a separate law called the Trade Expansion Act of 1962.
The tariffs on steel and aluminum also rely on Section 232.
Read more here.
President Donald Trump's tariffs have been deemed illegal and blocked in a landmark trade court ruling that ruled the president used unlawful emergency powers by imposing broad levies on imports.
The decision suspends Trump's flat-rate tariffs and key China-focused duties, while leaving some tariffs, specifically those covering steel, aluminum, and some Chinese goods, intact.
The ruling, issued by the Court of International Trade, is set to be appealed and could reach the Supreme Court. Investors are watching closely, as the outcome will reshape the global trade landscape and has huge ramifications on trust in Trump as a market manager.
Markets, already volatile amid ongoing tariff uncertainty since the April 2 executive order, reacted swiftly to the news with major gauge futures making leaps of up to 2%.
Bloomberg reports:
Read more here.
President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies.
The term "TACO trade" — apparently first coined by the Financial Times early this month — has been flying around Wall Street in recent weeks and entered even more into the public consciousness over the past few days.
The acronym stands for "Trump Always Chickens Out." The pattern is clear: Trump announces heavy tariffs, sending markets reeling until he backs off, sending markets flying.
A reporter asked Trump at the White House on Wednesday for his response to the school of thought. He did not appear to be aware of the acronym, but was also not pleased to learn its meaning.
"Isn't that nice ... I've never heard that," he said, before launching into a defense of recent moves. Earlier in May, the US reached a detente with China after the countries imposed massive tariffs on each other. Then last week, Trump announced massive 50% tariffs on EU imports, only to backtrack a couple days later and push back his deadline for more negotiating time.
"After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the EU. He said of China, "In many ways, I think we really helped China tremendously."
"Don't ever say what you said," Trump then told the reporter. "That's a nasty question."
AutoZone's (AZO) management said on Tuesday that inflation from tariffs hasn't had a major impact on costs yet because it takes a while for its products to ship to the US.
However, executives at the auto parts retailer said they expect inflation to accelerate if substantial tariffs remain in place.
"I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is ... most of our inventory turns relatively slow compared to many other industries, hard parts in particular," AutoZone CEO Philip Daniele said on the company's fiscal third quarter earnings call. "And that product just hasn't shown up here in the country. And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods."
AutoZone reported SKU inflation of 1% for the quarter and said it expects to see inflation of 3% over time. The company sources many of its products from China and other East Asian countries, Eastern Europe, and Mexico.
AutoZone CFO Jamere Jackson noted that, other than tariffs, a lot of the drivers of cost increases have come down, particularly freight prices.
"However, if we do see significant tariffs, that will indeed have an inflationary impact," Jackson stated.
Reuters reports:
German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday.
In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum.
Reuters reports:
Read more here.
A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now.
The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps.
As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected.
Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way.
Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling.
Reuters reports:
Read more here.
Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally.
Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels.
Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement.
Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent.
Read more here.
A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs.
The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal.
Taiwan is pushing for tariffs lower than the 10% base rate,
Bloomberg reports:
Read more here.
Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday.
Bloomberg reports:
Read more here.
Bloomberg reports:
Reuters reports:
Read more here.
Such a move could add another wrinkle to US trade negotiations with the EU.
Reuters reports:
Read more here.
Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China.
Bloomberg News reports:
Read more here.
Bloomberg News reports:
Read more here.
Markets may be celebrating the latest turn in the tariffs saga, but the US trade court's block isn't definitive — and that means there's still cause for concern, some analysts say.
Reuters reports:
Read more here.
President Trump's tariff plans appear to be hanging by a thread after the US Court of international Trade deemed them "unlawful." However, his other big priority, a tax and spending bill, could help advance his tariff plans, if it ever gets off the ground.
Reuters reports:
Read more here.
Bloomberg News reports:
Read more here.
Britain and the US will hold talks next week in an attempt to speed up implementation of the trade pact the two sides agreed on this month. The FT reported on Thursday that there is uncertainty surrounding the deal and when American tariff cuts for UK carmakers and steel manufacturers will actually take effect.
The FT reports:
Read more here.
The decision's focus on IEEPA immediately throws into doubt some of the most far-reaching of Trump's tariff actions since taking office. Most notably, those include his "Liberation Day" tariffs of 10% on nearly the entire world, as well as the current threat of higher tariffs on countries that fail to reach a deal during his 90-day pause.
The president has also relied on IEEPA to impose duties on nations such as Mexico, Canada, and China, claiming that the nations' failure to curb the flow of illegal drugs and migration into the US threatened US national security. [...]
Duties based on other laws like those Trump has imposed on certain aluminum and steel products are not included in the court's decision.
Recent duties on automobiles imposed by the president use so-called Section 232 tariff authority derived from a separate law called the Trade Expansion Act of 1962.
The tariffs on steel and aluminum also rely on Section 232.
Read more here.
President Donald Trump's tariffs have been deemed illegal and blocked in a landmark trade court ruling that ruled the president used unlawful emergency powers by imposing broad levies on imports.
The decision suspends Trump's flat-rate tariffs and key China-focused duties, while leaving some tariffs, specifically those covering steel, aluminum, and some Chinese goods, intact.
The ruling, issued by the Court of International Trade, is set to be appealed and could reach the Supreme Court. Investors are watching closely, as the outcome will reshape the global trade landscape and has huge ramifications on trust in Trump as a market manager.
Markets, already volatile amid ongoing tariff uncertainty since the April 2 executive order, reacted swiftly to the news with major gauge futures making leaps of up to 2%.
Bloomberg reports:
Read more here.
President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies.
The term "TACO trade" — apparently first coined by the Financial Times early this month — has been flying around Wall Street in recent weeks and entered even more into the public consciousness over the past few days.
The acronym stands for "Trump Always Chickens Out." The pattern is clear: Trump announces heavy tariffs, sending markets reeling until he backs off, sending markets flying.
A reporter asked Trump at the White House on Wednesday for his response to the school of thought. He did not appear to be aware of the acronym, but was also not pleased to learn its meaning.
"Isn't that nice ... I've never heard that," he said, before launching into a defense of recent moves. Earlier in May, the US reached a detente with China after the countries imposed massive tariffs on each other. Then last week, Trump announced massive 50% tariffs on EU imports, only to backtrack a couple days later and push back his deadline for more negotiating time.
"After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the EU. He said of China, "In many ways, I think we really helped China tremendously."
"Don't ever say what you said," Trump then told the reporter. "That's a nasty question."
AutoZone's (AZO) management said on Tuesday that inflation from tariffs hasn't had a major impact on costs yet because it takes a while for its products to ship to the US.
However, executives at the auto parts retailer said they expect inflation to accelerate if substantial tariffs remain in place.
"I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is ... most of our inventory turns relatively slow compared to many other industries, hard parts in particular," AutoZone CEO Philip Daniele said on the company's fiscal third quarter earnings call. "And that product just hasn't shown up here in the country. And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods."
AutoZone reported SKU inflation of 1% for the quarter and said it expects to see inflation of 3% over time. The company sources many of its products from China and other East Asian countries, Eastern Europe, and Mexico.
AutoZone CFO Jamere Jackson noted that, other than tariffs, a lot of the drivers of cost increases have come down, particularly freight prices.
"However, if we do see significant tariffs, that will indeed have an inflationary impact," Jackson stated.
Reuters reports:
German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday.
In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum.
Reuters reports:
Read more here.
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