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Goldman Says Trump Can Offset Tariff Ruling With Other Tools
Goldman Says Trump Can Offset Tariff Ruling With Other Tools

Yahoo

time29-05-2025

  • Business
  • Yahoo

Goldman Says Trump Can Offset Tariff Ruling With Other Tools

(Bloomberg) -- A court ruling that seeks to block President Donald Trump's 'Liberation Day' tariffs represents only a temporary setback to his trade agenda and can be offset by other taxes, according to analysts at Goldman Sachs Group Inc. NYC Congestion Toll Brings In $216 Million in First Four Months NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The judgment by the US Court of International Trade halts 6.7 percentage points of levies announced this year and the White House could use other tariff tools to make up for that, the bank's economists said in a note to clients Thursday. Listen to the Bloomberg Daybreak Europe podcast on Apple, Spotify or anywhere you listen. 'This ruling represents a setback for the administration's tariff plans and increases uncertainty but might not change the final outcome for most major US trading partners,' chief US political economist Alec Phillips wrote. 'For now, we expect the Trump administration will find other ways to impose tariffs.' The alternatives include the use of Section 232 levies, referring to the charges on steel, aluminum and auto imports on national security grounds. If all the pending investigations result in 25% tariffs and are added to current levies under the section, that would add 7.6 percentage points alone, they said. The trade court in Manhattan, siding with a group of small businesses and Democratic-led states, ruled on Wednesday that Trump wrongfully used an emergency law to impose tariffs on global trading partners. A panel of three judges gave Trump's team 10 days to halt tariff collection in a decision that the White House has already appealed. Trump has other options at his disposal to impose levies. He could apply Section 122 tariffs of up to 15% for 150 days or initiate investigations under Section 301, though those would take longer to implement. Goldman's Phillips said he doesn't expect the court's decision to have a major impact on the fiscal package in Congress, 'as tariff revenue was never counted toward offsetting the cost of the package, and most lawmakers never made a clear link between the two issues.' However, he said the tariffs the court struck down were likely to raise almost $200 billion on an annual basis, approximately the amount the fiscal package would increase the deficit next year and more than the impact in following years. 'For now, we expect the Trump administration will find other ways to impose tariffs, so we still expect most of this revenue to materialize.' US 30-year yields maintained their spread over swap counterparts — a gauge of sensitivity to fiscal risks — hovering around -89 basis points. --With assistance from James Hirai. (Updates with Goldman Sachs' view on the potential fiscal impact in the final paragraphs) Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P.

Goldman Says Trump Can Offset Tariff Ruling With Other Tools
Goldman Says Trump Can Offset Tariff Ruling With Other Tools

Yahoo

time29-05-2025

  • Business
  • Yahoo

Goldman Says Trump Can Offset Tariff Ruling With Other Tools

(Bloomberg) -- A court ruling that seeks to block President Donald Trump's 'Liberation Day' tariffs represents only a temporary setback to his trade agenda and can be offset by other taxes, according to analysts at Goldman Sachs Group Inc. NYC Congestion Toll Brings In $216 Million in First Four Months NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The judgment by the US Court of International Trade halts 6.7 percentage points of levies announced this year and the White House could use other tariff tools to make up for that, the bank's economists said in a note to clients Thursday. Listen to the Bloomberg Daybreak Europe podcast on Apple, Spotify or anywhere you listen. 'This ruling represents a setback for the administration's tariff plans and increases uncertainty but might not change the final outcome for most major US trading partners,' chief US political economist Alec Phillips wrote. 'For now, we expect the Trump administration will find other ways to impose tariffs.' The alternatives include the use of Section 232 levies, referring to the charges on steel, aluminum and auto imports on national security grounds. If all the pending investigations result in 25% tariffs and are added to current levies under the section, that would add 7.6 percentage points alone, they said. The trade court in Manhattan, siding with a group of small businesses and Democratic-led states, ruled on Wednesday that Trump wrongfully used an emergency law to impose tariffs on global trading partners. A panel of three judges gave Trump's team 10 days to halt tariff collection in a decision that the White House has already appealed. Trump has other options at his disposal to impose levies. He could apply Section 122 tariffs of up to 15% for 150 days or initiate investigations under Section 301, though those would take longer to implement. Goldman's Phillips said he doesn't expect the court's decision to have a major impact on the fiscal package in Congress, 'as tariff revenue was never counted toward offsetting the cost of the package, and most lawmakers never made a clear link between the two issues.' However, he said the tariffs the court struck down were likely to raise almost $200 billion on an annual basis, approximately the amount the fiscal package would increase the deficit next year and more than the impact in following years. 'For now, we expect the Trump administration will find other ways to impose tariffs, so we still expect most of this revenue to materialize.' US 30-year yields maintained their spread over swap counterparts — a gauge of sensitivity to fiscal risks — hovering around -89 basis points. --With assistance from James Hirai. (Updates with Goldman Sachs' view on the potential fiscal impact in the final paragraphs) Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Sign in to access your portfolio

Cathie Wood: Yes Tesla Brand Damage Has Happened
Cathie Wood: Yes Tesla Brand Damage Has Happened

Yahoo

time19-05-2025

  • Automotive
  • Yahoo

Cathie Wood: Yes Tesla Brand Damage Has Happened

ARK Invest founder, CEO, and CIO Cathie Wood has told Bloomberg Radio that Tesla's brand has been hurt by Elon Musk's involvement in politics. Speaking to Caroline Hepker and Tom Mackenzie on Bloomberg Daybreak Europe, Cathie Wood said, "Brand damage, yes, it has happened." The comments come just weeks after data showed that Tesla registered only 512 new vehicles in April in the UK. Figures from the Society of Motor Manufacturers and Traders showed that new vehicle registrations were down 62% from a year earlier. Tesla's plunge was even more pronounced in Denmark, the Netherlands, and Sweden, with sales dropping by at least two-thirds in each country. Sign in to access your portfolio

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