Latest news with #KevinHassett
Yahoo
an hour ago
- Business
- Yahoo
Hassett says he's 'very confident' that courts will uphold Trump's tariffs
White House National Economic Council Director Kevin Hassett said Sunday that the administration is confident it will be able to continue its tariff agenda despite recent legal setbacks. 'And so we're very thrilled. We are very confident that the judges would uphold this law. And so I think that that's Plan A, and we're very, very confident that Plan A is all we're ever going to need,' Hassett told 'This Week with George Stephanopoulos.' An appeals court reinstated President Donald Trump's tariffs this week after a Wednesday court order blocked them. The appeals court decision stands for the time being. The original injunction of Trump's tariffs came after the court decided that the administration's evocation of the International Emergency Economic Powers Act does not give the president the right to set 'unlimited' tariffs. The White House argued that the court order could harm its progress in negotiations. This is a developing story. Please check back for updates. Hassett says he's 'very confident' that courts will uphold Trump's tariffs originally appeared on
2 hours ago
- Business
Hassett says he's 'very confident' that courts will uphold Trump's tariffs
White House National Economic Council Director Kevin Hassett said Sunday that the administration is confident it will be able to continue its tariff agenda despite recent legal setbacks. 'And so we're very thrilled. We are very confident that the judges would uphold this law. And so I think that that's Plan A, and we're very, very confident that Plan A is all we're ever going to need,' Hassett told 'This Week with George Stephanopoulos.' An appeals court reinstated President Donald Trump's tariffs this week after a Wednesday court order blocked them. The appeals court decision stands for the time being. The original injunction of Trump's tariffs came after the court decided that the administration's evocation of the International Emergency Economic Powers Act does not give the president the right to set 'unlimited' tariffs. The White House argued that the court order could harm its progress in negotiations.
Yahoo
15 hours ago
- Business
- Yahoo
Sunday shows preview: Trump, court tariff battle escalates; Senate GOP up next on ‘big, beautiful' bill
The Trump administration has ramped up its standoff with the courts over tariffs in recent days, with top advisors condemning two rulings that attempted to block tariffs from proceeding as planned. On Thursday, an appeals court temporarily paused an order that would have halted international tariffs. Despite the ruling in favor of the administration, deputy chief of staff Stephen Miller blasted the orders as 'judicial tyranny' while White House press secretary Karoline Leavitt accused magistrates of 'inserting themselves' into the presidential decision-making process. In recent months, Supreme Court justices have spoken out in defense of judges across the nation, urging them to stand tall in the midst of attacks. However, Trump's officials have maintained that tariffs and other measures are permitted by federal law in the wake of legal battles and schisms. National Economic Council Director Kevin Hassett has blamed 'activist judges' for blocks to Trump's trade policy and will likely expand on his criticism of the judiciary during a Sunday appearance on ABC's 'This Week.' As verbal tensions flare, the president has pushed ahead with expansions, including a decision to double the price of steel imports, as revealed in a Friday announcement. 'We're going to bring it from 25 to 50 percent on steel into the United States of America, which will even further secure the steel industry in the United States,' Trump said during remarks at a steel factory in Pittsburgh, lauding the U.S. Steel partnership with Nippon Steel. The move will increase factory opportunities in Pennsylvania but hurt foreign car manufacturers that have projected billions in losses due to duties. Rep. Dave McCormick (R-Pa.) will likely address how the U.S. partnership with Nippon will affect his constituents and the nation's auto industry more broadly during his appearance on 'Fox News Sunday.' Commerce Secretary Howard Lutnick will join him on the show and may address forthcoming taxes on imported items and sector-specific policies. Treasury Secretary Scott Bessent is likely to hit on the status of trade talks with China, Japan and other global partners on CBS's 'Face the Nation.' As Cabinet members lay the foundation for 'America First' foreign policy, Republicans in Congress are shaping their own hierarchy at home. GOP senators are tasked with advancing the House-passed spending bill that would effectively strike millions from Medicaid, increase the federal debt and extend Trump's 2017 tax cuts. Democrats have taken stark issues with the legislation, as have Republican fiscal hawks who've claimed the bill is a 'debt bomb ticking.' House Speaker Mike Johnson (R-La.) said he doesn't expect 'too many surprises' from the Senate on the GOP budget bill as Sens. Rand Paul (R-Ky.) and Ron Johnson (R-Wisc.) have voiced concerns with the 'big, beautiful' text. Paul is set to appear on CBS's 'Face the Nation' and Johnson will be interviewed on Fox News's 'Sunday Morning Futures.' 'I have nothing but support for what President Trump is trying to do, and I love the way he's acting boldly and swiftly, decisively, to fix the enormous messes left by the Biden administration,' Sen. Johnson said. 'We have to reduce the deficit, and so we need to focus on spending, spending, spending.' The House Speaker has urged senators not to mess with the 'delicate equilibrium' he established for the bill in the lower chamber, and will likely echo those defenses during a Sunday appearance on NBC's 'Meet the Press.' Sen. Chris Murphy (D-Conn.) and House Minority Leader Hakeem Jeffries (D-N.Y.) will likely rail against the spending package with full force during their Sunday comments on CNN's 'State of the Union.' These topics and more will be addressed on this week's Sunday shows. Please see the full list of appearances below: NewsNation's 'The Hill Sunday:' Sen. Roger Marshall (R-Kan.); Rep. Haley Stevens (D-Mich.) and Lt. Gov. Winsome Earle-Sears (R-Va.) ABC's 'This Week:' National Economic Council Director Kevin Hassett; World Food Program Executive Director Cindy McCain CNN's 'State of the Union:' Sen. Chris Murphy (D-Conn.); Reps. Hakeem Jeffries (D-N.Y.); Debbie Dingell (D-Mich.); Office of Management and Budget Director Russell Vought CBS' 'Face the Nation:' Treasury Secretary Scott Bessent; Martin Makary, commissioner of the Federal Drug Administration; Sen. Rand Paul (R-Ky.); Rep. Raja Krishnamoorthi (D-Ill.); Michael Roth, president of Wesleyan University NBC's 'Meet the Press:' House Speaker Mike Johnson (R-La.); Sen. Raphael Warnock (D-Ga.) Fox News' 'Fox News Sunday:' Commerce Secretary Howard Lutnick; Sen. Dave McCormick (R-Pa.); Rep. Jake Auchincloss, D-Mass. Fox News' 'Sunday Morning Futures:' Homeland Security Secretary Kristi Noem; Sen. Ron Johnson (R-Wisc.) Rep. Ronny Jackson (R-Texas), Brad Gerstner, Altimeter Capital Founder, Chairman And CEO Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
France 24
2 days ago
- Business
- France 24
Asian markets reverse as appeals court gives Trump tariffs reprieve
The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments. While the tariffs have been stalled and are set to go through the courts -- and possibly end up at the Supreme Court -- there are expectations that the US president will find other means to implement them. The US Court of International Trade's ruling on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority -- a decision he labelled "horrible" and should be "quickly and decisively" reversed for good. "Backroom 'hustlers' must not be allowed to destroy our Nation!" he wrote on his Truth Social platform. A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal. Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain. But Kevin Hassett, director of the National Economic Council, told Fox Business that "hiccups" sparked by the decisions of "activist judges" would not affect negotiations and that three agreements were close to finalisation. National Australia Bank's Rodrigo Catril said after the appeal court decision that "Trump's trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty". He added that the judges could still rule against the White House. "But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump's tariff agenda," Catril said. "The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier. "The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring." Meanwhile, US Treasury Secretary Scott Bessent told Fox News on Thursday that negotiations with China were "a bit stalled" and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war. He added that "given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other". Hong Kong and Tokyo were off more than one percent each, while Shanghai, Sydney and Seoul also sank into the red, though Wellington and Manila edged up. The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought. Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump's plans to ramp up the budget deficit. On currency markets the yen strengthened after figures showed inflation in Tokyo -- a barometer for the rest of Japan -- came in above forecasts this month, ramping up expectations the country's central bank will hike interest rates in July. Key figures at around 0230 GMT Tokyo - Nikkei 225: DOWN 1.4 percent at 37,890.86 (break) Hong Kong - Hang Seng Index: DOWN 1.4 percent at 23,243.11 Shanghai - Composite: DOWN 0.5 percent at 3,346.41 Euro/dollar: DOWN at $1.1357 from $1.1368 on Thursday Pound/dollar: DOWN at $1.3483 from $1.3494 Dollar/yen: DOWN at 143.91 yen from 144.19 yen Euro/pound: UP at 84.24 pence from 84.22 pence
CNA
3 days ago
- Business
- CNA
Asian markets reverse as appeals court gives Trump tariffs reprieve
HONG KONG: Asian shares fell Friday (May 30) after a US appeal court gave Donald Trump's sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional. The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments. While the tariffs have been stalled and are set to go through the courts - and possibly end up at the Supreme Court - there are expectations that the US president will find other means to implement them. The US Court of International Trade's ruling on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority - a decision he labelled "horrible" and should be "quickly and decisively" reversed for good. "Backroom 'hustlers' must not be allowed to destroy our Nation!" he wrote on his Truth Social platform. A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal. Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain. But Kevin Hassett, director of the National Economic Council, told Fox Business that "hiccups" sparked by the decisions of "activist judges" would not affect negotiations and that three agreements were close to finalisation. National Australia Bank's Rodrigo Catril said after the appeal court decision that "Trump's trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty". He added that the judges could still rule against the White House. "But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump's tariff agenda," Catril said. "The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier. "The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring." Meanwhile, US Treasury Secretary Scott Bessent told Fox News on Thursday that negotiations with China were "a bit stalled" and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war. He added that "given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other". Hong Kong and Tokyo were off more than one per cent each, while Shanghai, Sydney and Seoul also sank into the red, though Wellington and Manila edged up. The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January to March, albeit at a slower pace than first thought. Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump's plans to ramp up the budget deficit. On currency markets, the yen strengthened after figures showed inflation in Tokyo - a barometer for the rest of Japan - came in above forecasts this month, ramping up expectations the country's central bank will hike interest rates in July.
