Latest news with #Manhattan-based
Observer
11 hours ago
- Business
- Observer
Trump tariffs stay in place after court reprieve
US President Donald Trump celebrated a temporary legal win as a court preserved his aggressive tariffs, triggering mixed reactions on Friday across jittery financial markets. The short-term relief will allow the appeals process to proceed after the US Court of International Trade barred most of the tariffs announced since Trump took office, ruling on Wednesday that he had overstepped his authority. Welcoming the latest twist in legal skirmishes over his trade policies, Trump lashed out at the Manhattan-based trade court, calling it "horrible" and saying its blockade should be "quickly and decisively" reversed for good. Asian shares fell on Friday, reversing a rally across world markets the previous day, as the judicial wrangling around Trump's on-again-off-again tariffs fanned uncertainty. Paris, London and Frankfurt were all in the green as EU trade chief Maros Sefcovic said following a call with US Commerce Secretary Howard Lutnick that the bloc was "fully invested" in reaching a deal with the United States. Sefcovic could meet his US trade counterparts in Paris next week on the sidelines of a Organisation for Economic Co-operation and Development ministerial meeting, an EU official said. US Treasury Secretary Scott Bessent said on Thursday that trade talks with China — the hardest hit by the tariffs — were "a bit stalled" and Trump might need to speak to President Xi Jinping in order to iron out tariffs between the world's two biggest economies. "I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other," Bessent said after the ruling from the US Court of Appeals for the Federal Circuit, known as an administrative stay. Washington and Beijing agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following talks between top officials in Geneva. Asked about Bessent's comments at a regular news conference on Friday, Chinese foreign ministry spokesman Lin Jian said Beijing had "stated its position on the tariffs issue many times" in an apparent reference to the Asian manufacturing giant's fury at the levies. Trump has moved to reconfigure US trade ties with the world since returning to the presidency in January, using levies to force foreign governments to the negotiating table. However, the stop-start tariff rollout on both allies and adversaries has roiled markets and snarled supply chains. The White House had been given 10 days to halt affected tariffs before Thursday's decision from the appeals court. The Trump administration called the block "blatantly wrong," expressing confidence that the decision would be overturned on appeal. White House spokeswoman 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 had other legal means to impose levies. A separate ruling by a federal district judge in the US capital found some Trump levies unlawful as well, giving the administration 14 days to appeal. Kevin Hassett, director of the National Economic Council, said that "hiccups" sparked by the decisions of "activist judges" would not affect talks with trading partners, adding that three deals were close to finalisation. Trump's trade advisor Peter Navarro told reporters after the appellate stay that the administration had earlier received "plenty of phone calls from countries" who said they would continue to "negotiate in good faith," without identifying those nations. Trump's import levies are aimed partly 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 — a notion the Court of International Trade ruled against. Trump unveiled sweeping duties on nearly all trading partners in April at a baseline 10 per cent, plus steeper levies on dozens of economies including China and the European Union that have since been paused. The US trade court's ruling quashed those blanket duties, along with others that Trump imposed on Canada, Mexico and China separately using emergency powers. However, it left intact 25 per cent duties on imported autos, steel and aluminium. Beijing — which was hit by additional 145 per cent tariffs before they were temporarily reduced to make space for negotiations — reacted to the trade court decision by saying Washington should scrap the levies. "China urges the United States to heed the rational voices from the international community and domestic stakeholders; and fully cancel the wrongful unilateral tariff measures," said commerce ministry spokeswoman He Yongqian. The trade court was ruling in two separate cases, brought by businesses and a coalition of state governments, arguing that the president had violated Congress's power of the purse. — AFP BLURB The short-term relief will allow the appeals process to proceed after the US Court of International Trade barred most of the tariffs announced since Trump took office, ruling on Wednesday that he had overstepped his authority.
IOL News
18 hours ago
- Business
- IOL News
Trump tariffs stay in place for now after court reprieve
US President Donald Trump. Image: AFP US President Donald Trump celebrated a temporary reprieve for his aggressive tariff strategy on Thursday, with an appeals court preserving his sweeping import duties on China and other trading partners -- for now. The short-term relief will allow the appeals process to proceed after the US Court of International Trade barred most of the tariffs announced since Trump took office, ruling on Wednesday that he had overstepped his authority. Welcoming the latest twist in legal skirmishes over his trade policies, Trump lashed out at the Manhattan-based trade court, calling it "horrible" and saying its blockade should be "quickly and decisively" reversed for good. Asian shares fell on Friday, reversing a rally across world markets the previous day, as the judicial wrangling around Trump's on-again-off-again tariffs fanned uncertainty. US Treasury Secretary Scott Bessent said after Thursday's appeals court ruling that trade talks with China were "a bit stalled" and Trump might need to speak to President Xi Jinping in order to iron out tariffs between the world's two biggest economies. "I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other," Bessent told Fox News after the ruling from the US Court of Appeals for the Federal Circuit, known as an administrative stay. Washington and Beijing agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following talks between top officials in Geneva. Asked about Bessent's comments at a regular news conference on Friday, Chinese foreign ministry spokesman Lin Jian said Beijing had "stated its position on the tariffs issue many times" in an apparent reference to the Asian manufacturing giant's fury at the levies. Trump has moved to reconfigure US trade ties with the world since returning to the presidency in January, using levies to force foreign governments to the negotiating table. However, the stop-start tariff rollout on both allies and adversaries has roiled markets and snarled supply chains. The White House had been given 10 days to halt affected tariffs before Thursday's decision from the appeals court. The Trump administration called the block "blatantly wrong," expressing confidence that the decision would be overturned on appeal. White House spokeswoman 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 had other legal means to impose levies. A separate ruling by a federal district judge in the US capital found some Trump levies unlawful as well, giving the administration 14 days to appeal. '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 were close to finalization. Trump's trade advisor Peter Navarro told reporters after the appellate stay that the administration had earlier received "plenty of phone calls from countries" who said they would continue to "negotiate in good faith," without identifying those nations. Trump's import levies are aimed partly 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 -- a notion the Court of International Trade ruled against. Trump unveiled sweeping duties on nearly all trading partners in April at a baseline 10 percent, plus steeper levies on dozens of economies including China and the European Union that have since been paused. The US trade court's ruling quashed those blanket duties, along with others that Trump imposed on Canada, Mexico and China separately using emergency powers. However, it left intact 25 percent duties on imported autos, steel and aluminum. Beijing -- which was hit by additional 145 percent tariffs before they were temporarily reduced to make space for negotiations -- reacted to the trade court decision by saying Washington should scrap the levies.
The Citizen
a day ago
- Business
- The Citizen
Trump enjoys temporary win as court preserves tariffs
A court ruling favouring Trump's tariffs has added new complications to international trade talks. US President Donald Trump signs executive orders in the Oval Office of the White House in Washington. Picture: AFP US President Donald Trump celebrated a temporary legal win as a court preserved his aggressive tariffs, triggering mixed reactions Friday across jittery financial markets. The short-term relief will allow the appeals process to proceed after the US Court of International Trade barred most of the tariffs announced since Trump took office, ruling on Wednesday that he had overstepped his authority. Welcoming the latest twist in legal skirmishes over his trade policies, Trump lashed out at the Manhattan-based trade court, calling it 'horrible' and saying its blockade should be 'quickly and decisively' reversed for good. Global markets and officials react to legal uncertainty Asian shares fell on Friday, reversing a rally across world markets the previous day, as the judicial wrangling around Trump's on-again-off-again tariffs fanned uncertainty. Paris, London and Frankfurt were all in the green as EU trade chief Maros Sefcovic said following a call with US Commerce Secretary Howard Lutnick that the bloc was 'fully invested' in reaching a deal with the United States. Sefcovic could meet his US trade counterparts in Paris next week on the sidelines of a Organisation for Economic Co-operation and Development ministerial meeting, an EU official said. Talks with China falter amid court drama US Treasury Secretary Scott Bessent said Thursday that trade talks with China — the hardest hit by the tariffs — were 'a bit stalled' and Trump might need to speak to President Xi Jinping in order to iron out tariffs between the world's two biggest economies. 'I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other,' Bessent told Fox News after the ruling from the US Court of Appeals for the Federal Circuit, known as an administrative stay. Washington and Beijing agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following talks between top officials in Geneva. ALSO READ: US court blocks tariffs in major setback for Trump White House lashes out at judiciary Asked about Bessent's comments at a regular news conference on Friday, Chinese foreign ministry spokesman Lin Jian said Beijing had 'stated its position on the tariffs issue many times' in an apparent reference to the Asian manufacturing giant's fury at the levies. Trump has moved to reconfigure US trade ties with the world since returning to the presidency in January, using levies to force foreign governments to the negotiating table. However, the stop-start tariff rollout on both allies and adversaries has roiled markets and snarled supply chains. The White House had been given 10 days to halt affected tariffs before Thursday's decision from the appeals court. The Trump administration called the block 'blatantly wrong,' expressing confidence that the decision would be overturned on appeal. White House spokeswoman 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 had other legal means to impose levies. A separate ruling by a federal district judge in the US capital found some Trump levies unlawful as well, giving the administration 14 days to appeal. '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 were close to finalisation. ALSO READ: Elon Musk unceremoniously steps down from Trump administration Trump's trade advisor Peter Navarro told reporters after the appellate stay that the administration had earlier received 'plenty of phone calls from countries' who said they would continue to 'negotiate in good faith,' without identifying those nations. Trump's import levies are aimed partly 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 — a notion the Court of International Trade ruled against. Trump tariffs Trump unveiled sweeping duties on nearly all trading partners in April at a baseline 10 percent, plus steeper levies on dozens of economies including China and the European Union that have since been paused. The US trade court's ruling quashed those blanket duties, along with others that Trump imposed on Canada, Mexico and China separately using emergency powers. However, it left intact 25 percent duties on imported autos, steel and aluminum. Beijing — which was hit by additional 145 percent tariffs before they were temporarily reduced to make space for negotiations — reacted to the trade court decision by saying Washington should scrap the levies. 'China urges the United States to heed the rational voices from the international community and domestic stakeholders and fully cancel the wrongful unilateral tariff measures,' said commerce ministry spokeswoman He Yongqian. The trade court was ruling in two separate cases, brought by businesses and a coalition of state governments, arguing that the president had violated Congress's power of the purse. ALSO READ: 'There is no white genocide happening here,' says Trump's top pastor after SA visit
Saudi Gazette
a day ago
- Business
- Saudi Gazette
Appeals court pauses ruling that blocked Trump's tariffs
WASHINGTON — A federal appeals court has paused Wednesday night's ruling from the Court of International Trade that blocked President Donald Trump's tariffs. The United States Court of Appeals for the Federal Circuit's ruling restores Trump's ability to levy tariffs using the emergency powers he declared earlier this year. The appeals court also ordered that both sides provide written arguments on the question of the blocking of Trump's tariffs, to be filed by early next month. The pause adds to the confusion and uncertainty swirling around Trump's tariffs, which have been a key pillar of his economic policy. The Court of International Trade ruled Wednesday that Trump did not have the authority under the International Emergency Economic Powers Act to impose sweeping tariffs. The Trump administration immediately appealed the decision, setting the course for a legal battle over the economic policy that Trump promises will re-focus the American economy on manufacturing but that could raise prices for small businesses and consumers. The pause from the appeals court came less than 24 hours a lengthy post on his Truth Social platform Thursday evening, Trump argued the CIT decision undermines presidential power, claiming it would force the president to get Congressional approval for his reciprocal tariffs. The president also called on the Supreme Court to step in and reverse the CIT decision.'The U.S. Court of International Trade incredibly ruled against the United States of America on desperately needed Tariffs but, fortunately, the full 11 Judge Panel on the U.S. Court of Appeals for the Federal Circuit Court has just stayed the order by the Manhattan-based Court of International Trade. Where do these initial three Judges come from? How is it possible for them to have potentially done such damage to the United States of America? Is it purely a hatred of 'TRUMP?' What other reason could it be?' Trump wrote.'Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY. Backroom 'hustlers' must not be allowed to destroy our Nation!' Trump Navarro, Trump's top trade adviser, told reporters that while the pause was not a surprise, the administration is pursuing 'all strategic options.''We will hear, within the next day or two, at a minimum, from the United States Trade Representative on how we will respond to all of this. We will respond forcefully, and we think we have a very good case with respect to this,' Navarro suggested that the administration is looking at its other tools to impose tariffs, in addition to appealing the case through the courts.'I can assure the American people that the Trump tariff agenda is alive, well, healthy and will be implemented to protect you, to save your jobs and your factories and to stop shipping foreign wealth, our wealth, into foreign hands,' he Liberty Justice Center, which represented several companies suing to stop the tariffs, said in a statement Thursday that the decision by the appeals court 'is merely a procedural step as the court considers the government's request for a longer stay pending appeal.''We are confident the Federal Circuit will ultimately deny the government's motion shortly thereafter, recognizing the irreparable harm these tariffs inflict on our clients,' Jeffrey Schwab, senior counsel at Liberty Justice Center said in the two rulings – halting the tariffs, then staying that decision – came in under 24 hours, a whirlwind that adds to the chaos around Trump's economic Wednesday evening, the USCIT judges blocked all tariffs invoked under IEEPA – the 'Liberation Day' tariffs Trump announced on April 2 and also the tariffs placed earlier this year against China, Mexico and Canada, designed to combat fentanyl coming into the United States. Notably, the order does not include the 25% tariffs on autos, auto parts, steel or aluminum, which were under a different law, Section 232 of the Trade Expansion unanimously came to a summary judgement on two separate cases in one opinion. One was a lawsuit was filed in April by the Liberty Justice Center, a libertarian legal advocacy group representing wine-seller VOS Selections and four other small businesses. The other was filed by twelve Democratic states brought against the government over tariffs. The court also ordered a window of 10 calendar days for the administration to roll back the tariffs in Trump administration appealed that same day, just hours after the decision. On Thursday, the administration threatened to take the case to the Supreme Court if it was not granted a stay by either the appeals court or the at a press briefing early Thursday afternoon, White House press secretary Karoline Leavitt lambased the CIT's decision, calling the three-judge panel 'activist judges,' though it includes a judge appointed by Trump during his first term. The CIT's ruling, she said, was an effort to 'brazenly (abuse) their judicial power to usurp Trump's authority.'The appeals court granted the stay later on Thursday afternoon, setting a deadline of June 5 for the plaintiffs to respond and June 9 for the government to on Thursday, in a separate lawsuit, US District Court Judge Rudolph Contreras ruled that two American family-owned toy companies, Learning Resources and hand2mind, would be irreparably harmed by Trump's tariffs, and the International Emergency Economic Powers Act that Trump cited contains no provision for Contreras issued a preliminary injunction protecting the two companies, the judge paused it for two weeks, expecting an appeal. The Trump administration has quickly appealed Contreras' ruling to the US DC Circuit Court of Appeals. — CNN
Egypt Independent
a day ago
- Business
- Egypt Independent
Appeals court pauses ruling that blocked Trump's tariffs
A federal appeals court has paused Wednesday night's ruling from the Court of International Trade that blocked President Donald Trump's tariffs. The United States Court of Appeals for the Federal Circuit's ruling restores Trump's ability to levy tariffs using the emergency powers he declared earlier this year. The appeals court also ordered that both sides provide written arguments on the question of the blocking of Trump's tariffs, to be filed by early next month. The pause adds to the confusion and uncertainty swirling around Trump's tariffs, which have been a key pillar of his economic policy. The Court of International Trade ruled Wednesday that Trump did not have the authority under the International Emergency Economic Powers Act to impose sweeping tariffs. The Trump administration immediately appealed the decision, setting the course for a legal battle over the economic policy that Trump promises will re-focus the American economy on manufacturing but that could raise prices for small businesses and consumers. The pause from the appeals court came less than 24 hours later. In a lengthy post on his Truth Social platform Thursday evening, Trump argued the CIT decision undermines presidential power, claiming it would force the president to get Congressional approval for his reciprocal tariffs. The president also called on the Supreme Court to step in and reverse the CIT decision. 'The U.S. Court of International Trade incredibly ruled against the United States of America on desperately needed Tariffs but, fortunately, the full 11 Judge Panel on the U.S. Court of Appeals for the Federal Circuit Court has just stayed the order by the Manhattan-based Court of International Trade. Where do these initial three Judges come from? How is it possible for them to have potentially done such damage to the United States of America? Is it purely a hatred of 'TRUMP?' What other reason could it be?' Trump wrote. 'Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY. Backroom 'hustlers' must not be allowed to destroy our Nation!' Trump wrote. Peter Navarro, Trump's top trade adviser, told reporters that while the pause was not a surprise, the administration is pursuing 'all strategic options.' 'We will hear, within the next day or two, at a minimum, from the United States Trade Representative on how we will respond to all of this. We will respond forcefully, and we think we have a very good case with respect to this,' Navarro added. Navarro suggested that the administration is looking at its other tools to impose tariffs, in addition to appealing the case through the courts. 'I can assure the American people that the Trump tariff agenda is alive, well, healthy and will be implemented to protect you, to save your jobs and your factories and to stop shipping foreign wealth, our wealth, into foreign hands,' he said. The Liberty Justice Center, which represented several companies suing to stop the tariffs, said in a statement Thursday that the decision by the appeals court 'is merely a procedural step as the court considers the government's request for a longer stay pending appeal.' 'We are confident the Federal Circuit will ultimately deny the government's motion shortly thereafter, recognizing the irreparable harm these tariffs inflict on our clients,' Jeffrey Schwab, senior counsel at Liberty Justice Center said in the statement. A whirlwind of decisions The two rulings – halting the tariffs, then staying that decision – came in under 24 hours, a whirlwind that adds to the chaos around Trump's economic policy. On Wednesday evening, the USCIT judges blocked all tariffs invoked under IEEPA – the 'Liberation Day' tariffs Trump announced on April 2 and also the tariffs placed earlier this year against China, Mexico and Canada, designed to combat fentanyl coming into the United States. Notably, the order does not include the 25% tariffs on autos, auto parts, steel or aluminum, which were under a different law, Section 232 of the Trade Expansion Act. USCIT unanimously came to a summary judgement on two separate cases in one opinion. One was a lawsuit was filed in April by the Liberty Justice Center, a libertarian legal advocacy group representing wine-seller VOS Selections and four other small businesses. The other was filed by twelve Democratic states brought against the government over tariffs. The court also ordered a window of 10 calendar days for the administration to roll back the tariffs in question. The Trump administration appealed that same day, just hours after the decision. On Thursday, the administration threatened to take the case to the Supreme Court if it was not granted a stay by either the appeals court or the USCIT. And at a press briefing early Thursday afternoon, White House press secretary Karoline Leavitt lambased the CIT's decision, calling the three-judge panel 'activist judges,' though it includes a judge appointed by Trump during his first term. The CIT's ruling, she said, was an effort to 'brazenly (abuse) their judicial power to usurp Trump's authority.' The appeals court granted the stay later on Thursday afternoon, setting a deadline of June 5 for the plaintiffs to respond and June 9 for the government to reply. Also on Thursday, in a separate lawsuit, US District Court Judge Rudolph Contreras ruled that two American family-owned toy companies, Learning Resources and hand2mind, would be irreparably harmed by Trump's tariffs, and the International Emergency Economic Powers Act that Trump cited contains no provision for tariffs. While Contreras issued a preliminary injunction protecting the two companies, the judge paused it for two weeks, expecting an appeal. The Trump administration has quickly appealed Contreras' ruling to the US DC Circuit Court of Appeals. This story has been updated with additional context and developments. CNN's Betsy Klein and Alejandra Jaramillo contributed reporting.
