Tariffs run into a wall; US court says President Trump overstepped authority
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A US trade court ruling that blocked most of President Donald Trump 's tariffs and found he had overstepped his authority triggered some relief on financial markets on Thursday, while adding to the uncertainties weighing on the global economy Among the United States' big trading partners, in the throes of negotiation with the Trump administration, Germany said it could not comment, as did the European Commission."We ask for your understanding that we cannot comment on the legal proceedings in the US, as they are still ongoing," a spokesperson for Germany's economy ministry said. "We continue to hope that a mutually beneficial solution can be reached in the negotiations between the EU Commission and the U.S. government."The British government said the sweeping ruling was a domestic matter for the US administration but noted that it was "only the first stage of legal proceedings".Winners on financial markets included chip makers, banks, luxury stocks and auto industry, all hit hard by tariff-led disruptions. White House officials quickly signaled on Thursday that Trump will pursue many of the same levies through other legal authorities, if appeals fail.The administration meanwhile is aggressively pushing to overturn the decision, saying it would go to the US Supreme Court as soon as Friday if a federal appeals court does not keep the original ruling from taking effect while the challenge continues. The ruling was "blatantly wrong" and "we are confident this decision will be overturned on appeal," the White House posted on X.The US dollar had earlier rallied against the yen and Swiss franc but its gains faded as the trade outlook remained uncertain and worries emerged about how Trump could respond.The US economy shrank at the start of the year, restrained by weaker consumer spending and an even bigger impact from trade than initially reported.Gross domestic product decreased at a 0.2% annualised pace in the first quarter, the second estimate from the Bureau of Economic Analysis showed Thursday.
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Mint
23 minutes ago
- Mint
Trump tariffs: Here's how Indian exporters of apparel, drugs and tyres are preparing for all contingencies
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So that is why we are looking at it very conservatively," Rajiv Poddar, managing director at Balkrishna Industries, said on an earnings call on 24 May. 'In case anything changes and there's a catalyst, we are absolutely ready to pounce on that opportunity and go back to our original vision of 10%." Also Read | India's exports face geopolitical woes but trade deals offer relief: RBI report Ceat, which acquired Canada's Camso in December, is betting that India will be successful in signing a bilateral trade pact with the US before Sri Lanka and is planning to change its tyre distribution accordingly. Camso gets 30% of its business from the US through its two manufacturing facilities in Sri Lanka. "In case the tariffs go through, we will produce for the United States from Indian facilities if tariffs are lower here and for Europe from Sri Lanka," said Arnab Banerjee, managing director and CEO at Ceat. 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New Indian Express
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38 minutes ago
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