US updates: Court blocks Trump's 'Liberation Day' tariffs
A US federal trade court based in Manhattan, New York, has blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency powers law.
Here's a roundup of news from the United States on Thursday, May 29, 2025:
US Secretary of State Marco Rubio said the Trump administration would begin revoking the visas of some Chinese students, "including those with connections to the Chinese Communist Party or studying in critical fields."
Rubio wrote in a post on X that the government would "aggressively" revoke visas for students from China.
"The US State Department will work with the Department of Homeland Security to aggressively revoke visas for Chinese students," he said.
Rubio added that there would also be revisions to visa criteria and enhanced scrutiny of future applications from China and Hong Kong.
China is the second-largest country of origin for international students in the US, behind only India. In the 2023-2024 school year, over 270,000 students were from China, making up roughly a quarter of all foreign students in the United States.
Earlier this week, Rubio halted the scheduling of new visa interviews for international students as the State Department prepares guidelines for increased vetting of their social media activity.
A US federal trade court based in Manhattan, New York, has blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency powers law.
Trump announced across-the-board tariffs on April 2, setting off waves of global trade uncertainty.
The ruling from a three-judge panel at the New York-based Court of International Trade came after several lawsuits argued Trump exceeded his authority, left trade policy dependent on his whims and unleashed economic chaos.
The Trump administration is expected to appeal the ruling.
US tariffs must typically be approved by Congress, but the president has argued he has the power to act by deeming the country's trade deficits a national emergency.
The lawsuit, filed by the Liberty Justice Center on behalf of five small businesses that import goods from countries targeted by the tariffs, represents the first major legal challenge to Trump's tariffs. There are, however, several other pending legal challenges to the tariffs.
A court in the United States ruled that President Trump overstepped his authority by imposing global sanctions on US trade partners.
Meanwhile, US Secretary of State Marco Rubio said he will "aggressively" revoke visas to students from China.
This blog will keep you updated with this story plus other news from the United States.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Trump Media Group Reportedly Plans To Raise $3 Billion To Buy Cryptocurrencies: 'Borrowing A Page' From MSTR Playbook, Says Peter Schiff
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Trump Media & Technology Group (NASDAQ:DJT), the Trump family's media company, is reportedly strategizing to raise a $3 billion investment in cryptocurrencies, such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE). What Happened: TMTG, the organization owned by the Trump family, is looking to raise $2 billion in new equity and an additional $1 billion through a convertible bond. This announcement could be made public ahead of a significant gathering of crypto investors and supporters in Las Vegas this week, as reported by the Financial Times on Monday. Trending: — no wallets, just price speculation and free paper trading to practice different strategies. After his re-election last year, President Donald Trump transferred his 53% stake in TMTG, currently valued at around $3 billion, to a revocable trust managed by his son Donald Jr. Last month, a publicly traded blank-check company headed by Brandon Lutnick — the son of Commerce Secretary Howard Lutnick — announced a $3.6 billion deal to create a Bitcoin acquisition firm named Twenty One Capital, in partnership with Tether and SoftBank. Trump Media & Technology Group slammed the FT report, as per the It Matters: This move by TMTG comes after Bitcoin's price surpassed a record-high of $109,000 last week. Notably, in April, Trump Media & Technology Group Corp. saw a rally of over 25% in just five days. This surge was attributed to a high-profile partnership with and Yorkville America Digital, which led to the launch of a suite of 'America-First' ETFs. Meanwhile, notable economist Peter Schiff commented on X that TMTG is borrowing a page from Strategy (NASDAQ:MSTR) co-founder Michael Saylor's 'playbook.' Strategy, previously MicroStrategy, has transformed its market value to over $100 billion by leveraging debt and equity offerings to acquire tens of billions of dollars' worth of Bitcoin. Peter Schiff also took a dig at TMTG, saying it's unfortunate that Trump's company isn't able to open a factory and manufacture real products to help Americans avoid the impact of his own tariffs. On Friday, DJT stock climbed 4.64% to close at $25.72. On a year-to-date basis, it plunged 24.4%. Read Next: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Image via Shutterstock Send To MSN: Send to MSN This article Trump Media Group Reportedly Plans To Raise $3 Billion To Buy Cryptocurrencies: 'Borrowing A Page' From MSTR Playbook, Says Peter Schiff originally appeared on Sign in to access your portfolio
Bloomberg
34 minutes ago
- Bloomberg
Poland Presidential Election on June 1: What's at Stake
00:00 For anyone who's not been watching this vote as closely as you, just take us through who the candidates are and what exactly that campaigning on it is. Indeed, It's it's a bit of a nail biter and coin toss or whatever metaphor you want to use, but it's it's definitely a very tight race. So we have two candidates essentially in this runoff, as we mentioned, Warsaw mayor, who is a polyglot son of of a prominent jazz musician, Rafal Trzaskowski, and he's coming up against a fairly new face on the on on the political scene. Karol Nawrocki, he's a former boxer as well. And he has a bit of a checkered past that, you know, that's been coming to light and sort of keeping everyone excited about this race coming into Sunday. Yeah, it's if you look at those two characters, they basically show you how divided the country is. Two different versions of Poland, one with just Trzaskowski, who is who's very much pro-European. He's very friendly with the government and actually he's a candidate of the government. So government is hoping that by having him as a president, it will be easier for them to push forward with with a pro-EU agenda. On the other hand, Nawrocki is is very conservative. He's the representative of the opposition and he also got MAGA endorsement just this week. Homeland Security Secretary Kristi Noem was in in Poland at CPAC conference, and she said, I'm here on behalf of President Trump and Karol Nawrocki should be your president. So so he's coming as this kind of who's who's railing against migration. He's very much skeptical of climate change. And he's standing for for traditional values, as he puts them. So, you know, you basically have two visions of Poland on the ballot this Sunday. Okay. So hugely consequential for Europe. Maybe another test of Trump's influence in Europe. But let's also just think about the market reaction, because so far, Poland's had this world beating rally this year. How much is this going to put that to the test? Indeed, the Polish assets, both stocks and bonds, but also the currency, has been on a tear. And this was basically a result of the fact that when when the current government came to power in 2023, the expectations were they were reversed. It was those times of populist government where, you know, Poland had for the past eight years and they will introduce reforms, they will get power to Poland, closer to to to the EU mainstream. And also Poland has has really envious metrics when it comes to the economy. It's one of the fastest growing in in the EU. So there were expectations that things will only get better for the Polish economy, for for where it's going next. And that's where we saw the the the markets reacting accordingly. Now, the big question now is Poland also has a huge deficit, which it also has a lot to spend on on defense. So the question is, if if the government doesn't get the president that they want that that will be working with them. It may put all these plans for reforms to test and put in question.
Yahoo
34 minutes ago
- Yahoo
RBC Keeps Outperform Rating on Williams Companies (WMB) Stock
On Tuesday, May 27, RBC Capital Markets maintained an 'Outperform rating' on The Williams Companies, Inc. (NYSE:WMB) with a price target of $63. This decision came after insights from the EIC Conference. RBC analysts are more confident in the company as it is expected to announce new projects that lead to improved financial estimates. Aerial view of a power plant near a lake lit up at night, showing off the company's expansive electricity generation capabilities. The Williams Companies, Inc. (NYSE:WMB) expects to see steady progress, even as Chad Zamarin becomes the new CEO. One key project is the development of Socrates, which is a fully integrated infrastructure project that will serve as the power solution for a connected data center. The Williams Companies, Inc. (NYSE:WMB) has signed a 10-year contract for Socrates, which includes a provision for commercial reassessment at the end of the term. The company believes that if the equipment from Socrates is used as backup power after the 10-year contract, the price will be set based on the cost of replacement. According to The Williams Companies, Inc. (NYSE:WMB), this will bring a good deal. The Socrates project is also seen as a strong venture, boasting a five times build multiple under the contract terms. RBC's reiterated positive outlook reflects the belief that these new projects and strategic developments will help The Williams Companies, Inc. (NYSE:WMB) grow and improve its financial performance. The Williams Companies, Inc. (NYSE:WMB) is an American energy company that specializes in natural gas processing and transportation. The company also has petroleum and electricity generation assets and invests in new energy technologies. While we acknowledge the potential of WMB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WMB and that has a 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. 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
