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India Today
2 days ago
- Business
- India Today
US court blocks Trump's ‘Liberation Day' tariffs, cites overreach of authority
A US trade court on Wednesday blocked President Donald Trump's sweeping 'Liberation Day' tariffs, ruling that he exceeded his legal authority by imposing across-the-board import duties without congressional decision, issued by a three-judge panel at the Court of International Trade in Manhattan, emphasized that the Constitution grants Congress exclusive power to regulate international commerce, a power not overridden by the president's emergency tariffs, announced in April, included a 10 per cent baseline duty on all imports, with steeper rates for countries running large trade surpluses with the US, such as China. Trump justified the move under the International Emergency Economic Powers Act (IEEPA), citing the trade deficit as a national emergency. However, the court found that the law does not permit the use of tariffs for economic leverage in this manner."The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it," the three-judge panel was quoted as saying by news agency ruling came in response to lawsuits filed by five small US import businesses and a coalition of 13 states led by Oregon Attorney General Dan Rayfield, who called the tariffs "unlawful, reckless, and economically devastating."advertisementThe Department of Justice had argued for dismissal, claiming plaintiffs had not yet suffered harm and lacked standing. However, the court disagreed, opening the door for continued legal responded positively, with the US dollar strengthening against safe-haven currencies like the Swiss franc and Japanese decision may be appealed to the Federal Circuit Court in Washington, DC, and possibly the Supreme inputs from ReutersTune InMust Watch
India Today
23-05-2025
- Politics
- India Today
Trump says Russia-Ukraine prisoners swap completed, hints at 'something big'
US President Donald Trump announced on Friday that a major prisoner swap between the two nations has been completed in the ongoing Russia-Ukraine war.'A major prisoners swap was just completed between Russia and Ukraine. It will go into effect shortly. Congratulations to both sides on this negotiation. This could lead to something big???,' Trump posted on his social media platform, Truth Social.A prisoner exchange between Ukraine and Russia is under way but has not yet been completed, as reported by the news agency announcement comes a day after a Ukrainian military intelligence official confirmed that Ukraine had submitted a list of 1,000 prisoners of war to Russia in preparation for the exchange deal was reportedly finalised earlier this month in Istanbul during the first direct talks between Russian and Ukrainian officials in more than three of thousands of soldiers on both sides are believed to have been wounded or killed in Europe's deadliest war since World War Two, although neither side publishes accurate casualty figures. Tens of thousands of Ukrainian civilians have also died as Russian forces have besieged and bombarded Ukrainian Ukraine has said it is ready for a 30-day ceasefire immediately. However, Russia — which launched the war by invading its neighbour in 2022 and now occupies about a fifth of Ukrainian territory — has refused to pause its assaults until certain conditions are met. A member of the Ukrainian delegation called those conditions "non-starters".Trump, who has shifted US policy from supporting Ukraine towards accepting some of Russia's account of the war, had previously stated that he could tighten sanctions on Russia if Moscow blocked a peace deal. However, after speaking to President Vladimir Putin on Monday, he decided to take no action for says it is ready for peace talks while fighting continues, and it wants to address what it calls the war's "root causes". These include demands that Ukraine cede more territory, be disarmed, and barred from joining military alliances with the West. Kyiv has rejected these terms, calling them tantamount to surrender and a threat to its future Reuters inputsTune InMust Watch IN THIS STORY#Ukraine#Russia#Donald Trump#United States of America#Volodymyr Zelenskyy
Time of India
15-05-2025
- Business
- Time of India
Cargo bookings from China to US surges 300% following tariff pause
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The demand in the US for container shipping from China has surged nearly 300 per cent, after a halt in retaliatory tariffs between the two countries, according to container-tracking software provider Vizion reports demand for twenty-foot equivalent units (TEUs), surged 277 per cent to 21,530, as compared to an average of 5,709 TEUs in the week ending May 5, according to Ben Tracy, Vizion's vice president of strategic business US importers responded to President Trump's announcement on April 2 that a 145 per cent tariff would be imposed on Chinese goods by significantly reducing trade has resumed quickly after both nations agreed on Monday to a 90-day pause in the escalating trade part of that, the U.S. scaled back its tariffs from 145 per cent to 30 per cent, while China lowered its duties on American imports from 125 per cent to 10 per cent."With this temporary pause now in place, we're clearly seeing bookings rebound," Tracy shipping company Hapag-Lloyd also reported a 50 per cent week-over-week increase in U.S.-China bookings in the early days of this week. CEO Rolf Habben Jansen commented on the trade ceasefire, saying: "We're already witnessing a rise in volume between the U.S. and China, and we expect more to come."Recently, the United States and China had trade talks in Geneva, Switzerland, last week, where China's Vice Premier He Lifeng and the US Treasury Secretary Scott Bessent are leading the negotiations for their respective President Donald Trump had imposed reciprocal tariffs on dozens of countries with which the US has a trade deficit. Later, President Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal. During these 90 days starting April 9, a 10 per cent baseline tariff si imposed by US on all countries.
India Gazette
15-05-2025
- Business
- India Gazette
Cargo bookings from China to US surges 300% following tariff pause
ANI 15 May 2025, 12:37 GMT+10 New Delhi [India], May 15 (ANI): The demand in the US for container shipping from China has surged nearly 300 per cent, after a halt in retaliatory tariffs between the two countries, according to container-tracking software provider Vizion reports demand for twenty-foot equivalent units (TEUs), surged 277 per cent to 21,530, as compared to an average of 5,709 TEUs in the week ending May 5, according to Ben Tracy, Vizion's vice president of strategic business US importers responded to President Trump's announcement on April 2 that a 145 per cent tariff would be imposed on Chinese goods by significantly reducing shipments. However, trade has resumed quickly after both nations agreed on Monday to a 90-day pause in the escalating trade part of that, the U.S. scaled back its tariffs from 145 per cent to 30 per cent, while China lowered its duties on American imports from 125 per cent to 10 per cent.'With this temporary pause now in place, we're clearly seeing bookings rebound,' Tracy shipping company Hapag-Lloyd also reported a 50 per cent week-over-week increase in U.S.-China bookings in the early days of this week. CEO Rolf Habben Jansen commented on the trade ceasefire, saying: 'We're already witnessing a rise in volume between the U.S. and China, and we expect more to come.'Recently, the United States and China had trade talks in Geneva, Switzerland, last week, where China's Vice Premier He Lifeng and the US Treasury Secretary Scott Bessent are leading the negotiations for their respective President Donald Trump had imposed reciprocal tariffs on dozens of countries with which the US has a trade deficit. Later, President Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal. During these 90 days starting April 9, a 10 per cent baseline tariff si imposed by US on all countries. (ANI)
Time of India
14-05-2025
- Business
- Time of India
iPhone 16 gets a $351 price drop on Chinese e-commerce sites ahead of shopping frenzy
To combat declining market share in China, online retailers are significantly discounting the iPhone 16 ahead of the "618" shopping festival. Platforms like Tmall are offering discounts as high as 2,530 yuan, leveraging government subsidies to stimulate sales. This move follows a quarter where Apple's shipments in China dropped, while local competitors experienced growth. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a bid to boost sales in China, where Apple is facing a dip in market share, Chinese online retailers are slashing prices of the iPhone 16 by as much as 2,530 yuan ($351), reported move comes just in time for the highly anticipated '618' shopping festival, with online platforms like and Alibaba's Tmall offering enticing discounts ahead of one of the biggest shopping events of the to the news agency, is offering the iPhone 16 Pro with 128GB storage for just 5,469 yuan, a massive 2,530 yuan off Apple's official price of 7,999 the iPhone 16 with 256GB is listed at 5,469 yuan as well, offering 1,530 yuan in savings from the original 6,999 yuan price tag, with government subsidies factored far behind, Tmall is also offering the iPhone 16 Pro for 5,499 yuan, a 2,500 yuan discount when you apply coupons, including government-backed savings, said Reuters noted that it's unclear whether Apple itself is behind these price cuts, industry experts point out that this is part of Apple's strategy to capitalise on the '618' sales event, which often sees massive discounts on high-demand Wong, senior analyst at IDC, told the news agency that Apple has employed similar tactics in the past, taking advantage of China's state subsidies to boost iPhone discounts come after a tough quarter for Apple, with its smartphone shipments in China dropping by 9%.On the other hand, local competitors like Xiaomi and Huawei are thriving, with shipments jumping 40% and 10%, price cuts and Chinese government subsidies—especially for budget-friendly smartphones—are part of the ongoing efforts to stimulate consumption in a slowing subsidies available for smartphones priced under 6,000 yuan, Apple and its e-commerce partners are clearly hoping these aggressive price drops will reignite consumer demand in China.
