Latest news with #LiberationDayTariffs
Scottish Sun
3 days ago
- Business
- Scottish Sun
Trump's Liberation Day tariffs at risk after court scuttles Don's trade plans… but the White House vows to fight back
DONALD Trump's sweeping global tariffs are now at risk after a court has said he doesn't have the power to impose the levies himself. A US federal court in New York on Wednesday blocked most of the import taxes from going into effect, ruling that the president had overstepped his authority. 4 The US President held up a chart of the tariffs he was implementing Credit: AFP 4 Trump's tariffs caused a sharp response in Canada Credit: Reuters 4 Tariffs are levies paid on bringing a good or service into a country Credit: Getty The Court of International Trade ruling is a big setback for Trump, who has sought to reshape global trade and put America first by using its economic heft to cut deals. Trump has started a global trade war with nearly every country by instituting a minimum 10 per tariff on their exports into the US. He also slapped a 25 per cent tariff on Mexico and Canada, saying he needed to levies to stop the flow of illegal immigrants and the horror drug Fentanyl. The court's order could spell an end to Trump's international trade war as it bars Trump's most sweeping tariffs, effectively erasing most of the trade restrictions Trump has announced since taking office. But Trump is likely to appeal and take the fight all the way to the Supreme Court. White House spokesman Kush Desai said: "Foreign countries' nonreciprocal treatment of the Unites States has fueled America's historic and persistent trade deficits. "These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base – facts that the court did not dispute. "It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness." The ruling does not state that tariffs themselves are illegal, but that the executive branch does not have the authority to impose them without Congress. The president used a 1977 federal economic emergency law to justify a range of levies. Trump's Liberation Day Tariffs signed in on Executive Order The three-judge panel wrote in an unsigned opinion: "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ("IEEPA") delegates these powers to the president in the form of authority to impose unlimited tariffs on goods from nearly every country in the world. "The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder." One of Trump's key aides, Stephen Miller, attacked the ruling in a post on social media saying: "The judicial coup is out of control." Trump memorably held up a board showing rates he was about to set individual trading partners in the White House's Rose Garden when he announced the tariffs as part of a "liberation day". China was clobbered with 34 per cent tariffs, Vietnam 46 per cent, Thailand 36 per cent and Cambodia 49 per cent. Tariffs on China were eventually increased to a whopping 145 per cent as Trump sought to begin negotiations. The ten per cent on Britain was at the bottom of the sliding scale devised by Trump's officials. Markets were thrown into turmoil but calmed after he paused the larger tariffs for 90 days. He also suspended some of the higher duties pending negotiations with individual countries and blocs. Britain has signed a new trade deal with Trump following the imposition of the tariffs - how that will be affected is not yet clear.
The Irish Sun
3 days ago
- Business
- The Irish Sun
Trump's Liberation Day tariffs at risk after court scuttles Don's trade plans… but the White House vows to fight back
DONALD Trump's sweeping global tariffs are now at risk after a court has said he doesn't have the power to impose the levies himself. A US federal court in New York on Wednesday blocked most of the import taxes from going into effect, ruling that the president had overstepped his authority. 4 The US President held up a chart of the tariffs he was implementing Credit: AFP 4 Trump's tariffs caused a sharp response in Canada Credit: Reuters 4 Tariffs are levies paid on bringing a good or service into a country Credit: Getty The Court of International Trade ruling is a big setback for Trump, who has sought to reshape global trade and put America first by using its economic heft to cut deals. Trump has started a global trade war with nearly every country by instituting a minimum 10 per tariff on their exports into the US. He also slapped a 25 per cent tariff on Mexico and Canada, saying he needed to levies to stop the flow of illegal immigrants and the horror drug Fentanyl. The court's order could spell an end to Trump's international trade war as it bars Trump's most sweeping tariffs, effectively erasing most of the trade restrictions Trump has announced since taking office. But Trump is likely to appeal and take the fight all the way to the Supreme Court. White House spokesman Kush Desai said: "Foreign countries' nonreciprocal treatment of the Unites States has fueled America's historic and persistent trade deficits. "These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base – facts that the court did not dispute. "It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness." Most read in The US Sun The ruling does not state that tariffs themselves are illegal, but that the executive branch does not have the authority to impose them without Congress. The president used a 1977 federal economic emergency law to justify a range of levies. Trump's Liberation Day Tariffs signed in on Executive Order The three-judge panel wrote in an unsigned opinion: "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ("IEEPA") delegates these powers to the president in the form of authority to impose unlimited tariffs on goods from nearly every country in the world. "The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder." One of Trump's key aides, Stephen Miller, attacked the ruling in a post on social media saying: "The judicial coup is out of control." Trump memorably held up a board showing rates he was about to set individual trading partners in the White House's Rose Garden when he announced the tariffs as part of a "liberation day". China was clobbered with 34 per cent tariffs, Vietnam 46 per cent, Thailand 36 per cent and Cambodia 49 per cent. Tariffs on China were eventually increased to a The ten per cent on Britain was at the bottom of the sliding scale devised by Trump's officials. Markets were thrown into turmoil but calmed after he paused the larger tariffs for 90 days. Read more on the Irish Sun He also suspended some of the higher duties pending negotiations with individual countries and blocs. Britain has signed a new trade deal with Trump following the imposition of the tariffs - how that will be affected is not yet clear. 4 US and Chinese representatives at trade talks Credit: Reuters
Straits Times
05-05-2025
- Business
- Straits Times
Malaysia clamps down on transshipment practices to the US, to prevent goods rerouting by other countries.
The Malaysian government views any attempt to circumvent tariffs through wrong or false declaration as "a serious offence". PHOTO: AFP SINGAPORE - Malaysia is imposing stricter rules to ensure exports to the United States are properly documented, in a bid to curb the transshipment of products that do not originate in Malaysia. The move comes amid growing scrutiny from US authorities over countries, such as China, which seek to sidestep American tariffs by routing its exports via another country to disguise their true origin. This practice, known as transshipment, has become a focal point in ongoing trade enforcement efforts by US customs officials since the Trump administration unveiled its so-called Liberation Day Tariffs on April 2. Malaysia's Trade and Industry Ministry (MITI) announced on May 5 that with effect from May 6 , it will be the only body that will issue Non-Preferential Certificates of Origin (NPCO) for shipment to the US , while stopping the issuance of these certificates from MITI-appointed organisations like local business councils, chambers or associations. The NPCO is a document that helps to identify the origin of the goods for international shipments in order to satisfy customs or trade requirements of the countries the products are shipped to, the Federation of Malaysian Manufacturers said on its website. The government's new measure aims to eliminate loopholes that could enable the misuse of Malaysia as a conduit for goods seeking to bypass tariffs imposed by US trade regulations. Malaysia's trade ministry said in its statement that 'it is unequivocally committed to upholding the integrity of international trade practices.'. 'As such, the government views any attempt to circumvent tariff through wrong or false declaration, whether related to the value or origin of goods, as a serious offence,' it added. Malaysia faces a 24 per cent reciprocal tariff on its exports to the US, which is expected to come into force in July. In the May 5 statement, MITI said it will also take additional measures to curb any transshipment offences to the US via Malaysia's entry or exit points. This includes enhancing audits on NPCO applicants, and working together with the Customs Department to investigate and take action against offenders. According to industry sources whom ST spoke to, some Chinese manufacturers have used Malaysia as a transshipment hub, allegedly going as far as falsifying their Certificates of Origin, in an effort to bypass the US tariffs. An industry veteran, who requested anonymity due to the sensitivity of the issue, revealed that in some cases, the perpetrators pay as little as RM1 00 (S$30.60) to obtain fraudulent certificates of origin for containers bound for the US. Addressing the matter in Parliament on May 5, Investment, Trade and Industry Minister, Tengku Zafrul Aziz, said: 'For countries with no Free Trade Agreements with Malaysia, like the US, we have a NPCO which is issued by business chambers, but due to this (transshipment) issue, MITI will take over the issuance of these certificates.' He added that Malaysia has 'received many complaints from industry partners that say that many items coming from other countries are stamped as if they come from our country.' Mr Zafrul, who visited the US in late April to meet with trade officials, also suggested forming a parliamentary caucus involving both pro-government and opposition MPs to debate on next steps to be taken by the government in handling the issue. Malaysia's Prime Minister Anwar Ibrahim , who officiated a special parliamentary session on the US tariffs on May 5, said that 11 per cent of Malaysia's total trade is with the US, with the value of bilateral trade in 2024 amounting to RM325 billion. Supporting the MITI move , the Associated Chinese Chambers of Commerce and Industry of Malaysia said in a statement on May 5 that the country's tariff advantage has encouraged businesses to reroute shipments and misclassify products to evade higher export tariffs. 'This could distort trade data and lead to the dumping of foreign goods, threatening local MSMEs already facing tight margins,' it added, referring to micro, small and medium enterprises . Harith Mustaffa is a journalist covering Malaysia for The Straits Times, with a focus on Johor. Additional reporting by Lu Wei Hoong. Join ST's Telegram channel and get the latest breaking news delivered to you.
Scottish Sun
02-05-2025
- Business
- Scottish Sun
NatWest's profits jump by a third as bank's return to privatisation could be weeks away
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PROFITS at NatWest have jumped by a third with the bank's return to privatisation looking weeks away. The Government's stake in the bank, which was bailed out by taxpayers in the 2008 crisis, has fallen to below 2 per cent. Sign up for Scottish Sun newsletter Sign up 4 The Government's stake in the bank, which was bailed out by taxpayers in the 2008 crisis, has fallen to below 2 per cent Credit: Alamy At the current rate of share sales, it could be offloaded entirely by mid-summer. NatWest could also have the option to buy back the remaining Treasury shares itself. NatWest, which also includes the Royal Bank of Scotland and Coutts brands, reported operating pre-tax profits had risen to £1.8billion during the first three months of the year from £1.3billion in 2024. The bank said net loans had risen to £4billion, helped by an increase in mortgage lending as homebuyers rushed to beat stamp duty increases in April. NatWest followed Lloyds in putting aside £189million for bad loans as it braced for a global trade war. Boss Paul Thwaite said that while default levels were low, there was a 'mixed picture'. He added that while sentiment had dipped, there were no 'material changes in behaviour' among retail customers. Data showed spending on entertainment jumped 8 per cent in the first quarter compared with last year, while travel spending was up 5 per cent. But spending on groceries, utilities and fuel has fallen this year. Bite of Apple Apple's boss has warned US President Donald Trump's tariffs will cost the firm $900million (£677 million) over the next three months. Trump's Liberation Day Tariffs signed in on Executive Order Tim Cook said uncertainty made it 'very difficult to predict beyond June'. Apple devices sold in the US will now come from India and Vietnam instead of China to swerve the highest rate of tariffs. Shelling out Shell has handed another £2.6billion to investors, despite profits dropping by more than a quarter. Earnings fell to £4.19billion from £5.8billion during the past three months due to lower gas prices. 4 Shell has given £2.6billion to investors despite profits falling by over 25% Credit: Reuters But boss Wael Sawan insisted the results were 'solid'. The North Sea windfall tax cost Shell an extra £328million this quarter. Good week 4 Good times for Deliveroo founder Will Shu, who's set to be delivered a £172million payday Credit: Collect Deliveroo founder Will Shu, who is set for a £172million payday if takeover by US rival DoorDash concludes. Bad week 4 M&S boss Stuart Machin has been dealing with a serious cyber attack blocking online orders Credit: Rex Stuart Machin, boss of retailer M&S, which is dealing with a cyber attack that has blocked online orders.
The Sun
02-05-2025
- Business
- The Sun
NatWest's profits jump by a third as bank's return to privatisation could be weeks away
PROFITS at NatWest have jumped by a third with the bank's return to privatisation looking weeks away. The Government's stake in the bank, which was bailed out by taxpayers in the 2008 crisis, has fallen to below 2 per cent. At the current rate of share sales, it could be offloaded entirely by mid-summer. NatWest could also have the option to buy back the remaining Treasury shares itself. NatWest, which also includes the Royal Bank of Scotland and Coutts brands, reported operating pre-tax profits had risen to £1.8billion during the first three months of the year from £1.3billion in 2024. The bank said net loans had risen to £4billion, helped by an increase in mortgage lending as homebuyers rushed to beat stamp duty increases in April. NatWest followed Lloyds in putting aside £189million for bad loans as it braced for a global trade war. Boss Paul Thwaite said that while default levels were low, there was a 'mixed picture'. He added that while sentiment had dipped, there were no 'material changes in behaviour' among retail customers. Data showed spending on entertainment jumped 8 per cent in the first quarter compared with last year, while travel spending was up 5 per cent. But spending on groceries, utilities and fuel has fallen this year. Bite of Apple Apple's boss has warned US President Donald Trump's tariffs will cost the firm $900million (£677 million) over the next three months. Trump's Liberation Day Tariffs signed in on Executive Order Tim Cook said uncertainty made it 'very difficult to predict beyond June'. Apple devices sold in the US will now come from India and Vietnam instead of China to swerve the highest rate of tariffs. Shelling out Shell has handed another £2.6billion to investors, despite profits dropping by more than a quarter. Earnings fell to £4.19billion from £5.8billion during the past three months due to lower gas prices. 4 But boss Wael Sawan insisted the results were 'solid'. The North Sea windfall tax cost Shell an extra £328million this quarter. Good week 4 Deliveroo founder Will Shu, who is set for a £172million payday if takeover by US rival DoorDash concludes. Bad week 4 Stuart Machin, boss of retailer M&S, which is dealing with a cyber attack that has blocked online orders.
