Latest news with #CourtofAppeals
Qatar Tribune
a day ago
- Business
- Qatar Tribune
Donald Trump tariffs get temporary reprieve from appeals court
Agencies AU.S. federal appeals court on Thursday granted President Donald Trump approval to continue collecting tariffs under an emergency powers law for now, while his administration appeals a ruling that struck down much of his flagship economic agenda. The Court of Appeals for the Federal Circuit granted an emergency motion from the Trump administration arguing that a halt is 'critical for the country's national security.' The short-term relief will allow for an appeals process to proceed, after the Court of International Trade on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority. Trump is facing several lawsuits arguing that his 'Liberation Day' tariffs exceeded his authority and left the country's trade policy dependent on his whims. Since returning to the presidency in January, Trump has moved to reconfigure U.S. trade ties with the world while using levies to force foreign governments to the negotiating table. But the stop-start tariff rollout, impacting both allies and adversaries, has roiled markets and snarled supply chains. Prior to Thursday's decision from the U.S. Court of Appeals for the Federal Circuit, known as an administrative stay, the White House was given 10 days to halt affected tariffs.T he Trump administration called the ruling 'blatantly wrong,' filing an appeal and expressing confidence that the decision would be overturned. White House spokesperson Karoline Leavitt told reporters that the judges 'brazenly abused their judicial power to usurp the authority of President Trump.' Leavitt said the Supreme Court 'must put an end' to the tariff challenge, while stressing that Trump has other legal means to impose levies. 'Hiccups' Kevin Hassett, director of the National Economic Council, told Fox Business that 'hiccups' sparked by the decisions of 'activist judges' would not affect talks with trading partners, adding that three deals are close to finalization. Trump's trade advisor, Peter Navarro, told reporters after the appellate ruling that the administration had received 'plenty of phone calls from countries' who said they would continue to 'negotiate in good faith,' without naming those nations. Trump's import levies are aimed at punishing economies that sell more to the United States than they buy. The president has argued that trade deficits and the threat posed by drug smuggling constituted a 'national emergency' that justified the widespread tariffs – which the Court of International Trade ruled against. Trump unveiled sweeping import duties on nearly all trading partners in April, at a baseline 10% – plus steeper levies on dozens of economies, including China and the EU, which have since been paused. The U.S. trade court's Wednesday ruling quashed these blanket duties, alongside those that Trump imposed on Canada, Mexico and China separately using emergency powers. But it left intact 25% duties on imported autos, steel and aluminum.
Yahoo
3 days ago
- Business
- Yahoo
MSNBC Host: ‘Humiliation Day' Coming for ‘Irreversibly Stupid' Trump
Lawrence O'Donnell has said the worst is still to come for President Donald Trump, even after a federal trade court shot down his 'illegal and unconstitutional' tariffs. The Court of International Trade said Wednesday that Trump had exceeded his authority and unanimously ruled to block his sweeping 'Liberation Day' import levies from early April. However, the Court of Appeals suspended the ruling, saying that the tariffs can remain active while it 'considers the motions paper' from the White House. The next hearing in the case is on June 5. If that doesn't go Trump's way, it could go all the way to the Supreme Court. O'Donnell said during a blistering monologue on MSNBC's The Last Word Wednesday evening that the levies "were constitutionally insane.' Following up on Thursday, O'Donnell said the worst is yet to come for the president. The multi-hyphenate host, who is also an actor, screenwriter and TV producer, pointed out that Trump, through his lawyers to the appeals court, had pledged to issue refunds to affected businesses if his tariffs are found to be illegal in a final court ruling. 'And so, as many humiliation days as Donald Trump has had since he started his failed trade war 'Refund Day' will be the ultimate 'Humiliation Day' at the end of Donald Trump's disastrous trade war,' O'Donnell warned. ''Refund Day' is coming, and it will be the most humiliating day Donald Trump will suffer in his losing trade war.' A former customs official told the BBC that if the appeal is unsuccessful, Customs and Border Protection would issue directions to its officers to refund tariff payments made at U.S. borders. John Leonard, a former top official at the U.S. Customs and Border Protection Agency added that, for now, Trump's duties will continue to be paid. O'Donnell added that on Thursday evening, Trump 'humiliated himself once again by showing how irreversibly stupid and flawlessly ignorant he is of the actual words of the Constitution and their meaning.' He was referring to a rambling Truth Social post in which Trump said the courts had 'incredibly ruled against the United States of America on desperately needed Tariffs.' The host said the post reveals Trump's 'most severe mental weakness, not just in the history of the presidency, but in the history of federal elected officials in this country.' O'Donnell said that the U.S. Court of International Trade had in fact ruled in favor of the United States of America and added that even high school students know the usual process for trade deals. 'Donald Trump goes on to say, if allowed to stand, this would completely destroy presidential power. The presidency would never be the same. Exclamation point,' O'Donnell went on. 'No, Donald, no, no no, Donald. If the Court of International Trade's decision is allowed to stand, that means the presidency would be the same as it has always presidency in which no president, other than Donald Trump, ever tried to randomly set new tariffs all around the world, all by himself.' He called Trump the 'utterly lost occupant of the White House,' and called the director of his National Economic Council, Kevin Hassett, 'permanently smiling and utterly incompetent.' 'The second Trump presidency has turned out to be much, much, worse than his first presidency,' he concluded.
New Indian Express
3 days ago
- Business
- New Indian Express
European benchmarks rise while Asian shares finished lower amid uncertainty over Trump's tariffs
Hong Kong's Hang Seng slipped 1.2% to 23,289.77, while the Shanghai Composite shed 0.5% to 3,347.49. Earlier this week, the U.S. Court of International Trade said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Un energy trading, benchmark U.S. crude rose 24 cents to $61.18 a barrel. Brent crude, the international standard, edged up 23 cents to $64.38 a barrel. In currency trading, the U.S. dollar declined to 143.96 Japanese yen from 144.12 yen. The euro cost $1.1342, down from $1.1367. (By YURI KAGEYAMA)
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Business Standard
3 days ago
- Business
- Business Standard
Asian shares mostly decline as uncertainty grows about Trump tariffs
Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.4 per cent in morning trading to 37,892.39. Government data showed Tokyo core inflation, excluding fresh food, accelerating to a higher-than-expected 3.6 per cent in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 was little changed, inching down less than 0.1 per cent to 8,404.50. South Korea's Kospi declined 0.6 per cent to 2,703.64, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4 per cent to 23,235.94, while the Shanghai Composite shed 0.3 per cent to 3,353.07. On Wall Street, the S&P 500 rose 0.4 per cent on Thursday after giving up more than half of an early gain. The Dow Jones Industrial Average added 117 points, or 0.3 per cent, and the Nasdaq composite rose 0.4 per cent. It's a downshift after stocks initially leaped nearly 2 per cent in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the US Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump is still able to impose significant and wide-ranging tariffs over the longer-term through other means, according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the US market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2 per cent rise was the strongest force by far lifting the S&P 500. Best Buy fell 7.3 per cent even though it reported a stronger profit than expected. The electronics retailer also cut its forecasted ranges for revenue and profit over the full year on the assumption that tariffs stay at the current levels, Chief Financial Officer Matt Bilunas said. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following some mixed reports on the economy. One said that the US economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more US workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43 per cent from 4.47 per cent late Wednesday. In energy trading, benchmark US crude dropped 30 cents to USD 60.64 a barrel. Brent crude, the international standard, fell 31 cents to USD 63.84 a barrel. In currency trading, the US dollar declined to 143.92 Japanese yen from 144.12 yen. The euro cost USD 1.1355, down from USD 1.1367. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
3 days ago
- Business
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
TOKYO -- Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark U.S. crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the U.S. dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367.
