Latest news with #TariffOrders
Business Insider
12 hours ago
- Business
- Business Insider
Trump Weekly: Appeals court halts block on tariffs, talks with China stall
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump with this weekly recap compiled by The Fly: Confident Investing Starts Here: TRUMP TARIFFS: After the United States Court of International Trade entered judgment against the United States and permanently enjoined certain Executive Orders imposing various tariffs, the United States moved to consolidate its appeals from those rulings and has applied for the U.S. Court of Appeals for the Federal Circuit to stay the judgment and injunction pending these appeals and for an immediate administrative stay while the court considers that motion. The United States' request for the Court of International Trade to grant the same relief remains pending before that court. The appeals court ordered that the motions to consolidate are granted and the request for an immediate administrative stay is granted to the extent that the judgments and the permanent injunctions entered by the Court of International Trade in these cases are temporarily stayed until further notice while this court considers the motions papers, a ruling posted to the site of the court stated. Of note, this comes after the U.S. Court of International Trade had ruled that President Trump does not have the authority under economic emergency legislation to impose sweeping global tariffs. 'There is no question here of narrowly tailored relief; if the challenged Tariff Orders are unlawful as to Plaintiffs they are unlawful as to all,' the court's opinion reads. CHINA TRADE: President Donald Trump stated in a post to Truth Social, 'Two weeks ago China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World. We went, in effect, COLD TURKEY with China, and it was devastating for them. Many factories closed and there was, to put it mildly, 'civil unrest.' I saw what was happening and didn't like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn't want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' CHIP EXPORT: The Trump administration has suspended sales of more U.S. technology, including chips and jet engines, in response to China's critical mineral export restrictions, The New York Times' Ana Swanson reports. The new U.S. restrictions appear to be part of a broader review within the Commerce Department of exports of strategic goods to China. Publicly traded companies in the chip space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN). TARIFFS ON EU: President Donald Trump stated in a post to Truth Social, 'I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union. I agreed to the extension – July 9, 2025 – It was my privilege to do so. The Commission President said that talks will begin rapidly. Thank you for your attention to this matter!' Further, he also stated on Truth Social that, 'I was extremely satisfied with the 50% Tariff allotment on the European Union, especially since they were 'slow walking (to put it mildly!), our negotiations with them. Remember, I am empowered to 'SET A DEAL' for Trade into the United States if we are unable to make a deal, or are treated unfairly. I have just been informed that the E.U. has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!!!' NUCLEAR ORDER SIGNING: President Donald Trump signed orders meant to accelerate the construction of nuclear power plants, including small, newer reactor types. 'We're signing tremendous executive orders today that really will make us the real power in this industry,' Trump said as he signed the directives in the Oval Office, adding that nuclear technology 'has come a long way, both in safety and costs.' Trump was joined by Interior Secretary Doug Burgum, Defense Secretary Pete Hegseth and energy industry executives including Constellation Energy (CEG) CEO Joseph Dominguez and Jake DeWitte, the co-founder and CEO of Oklo (OKLO). Other publicly traded companies in the nuclear energy space include Nuscale Power (SMR), Nano Nuclear Energy (NNE), BWX Technologies (BWXT), Centrus Energy (LEU) and Cameco (CCJ). GOING PUBLIC: In a post on Truth Social, President Trump stated: 'Our great Mortgage Agencies, Fannie Mae (FNMA) and Freddie Mac (FMCC), provide a vital service to our Nation by helping hardworking Americans reach the American Dream – Home Ownership. I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President. These Agencies are now doing very well, and will help us to, MAKE AMERICA GREAT AGAIN!' MUSK LEAVING DOGE: In a post on X, Tesla (TSLA) CEO Elon Musk stated, 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government. GOLDEN SHARE: The U.S. government will have veto power over key decisions relating to U.S. Steel (X) as part of a national security agreement deal with Nippon Steel (NPSCY) that would approve the Japanese company's bid for the steel company, Bloomberg's Joe Deaux and Josh Wingrove report. The deal put forward to the Committee on Foreign Investment int he U.S. and to the President includes the original $55 per share acquisition offer, plus $14B in new investments, two people familiar with the matter say. Senator Dave McCormick, a Pennsylvania Republican and Trump ally, confirmed some of the details on Tuesday, including $2.4B to be invested in the Mon Valley plant. 'The control structure is going to be somewhat unique,' McCormick said. 'It'll be a U.S. CEO, a U.S. majority board, and then there'll be a golden share, which will essentially require U.S. government approval of a number of the board members, and that'll allow the United States to ensure production levels aren't cut and things like that.'
Yahoo
a day ago
- Business
- Yahoo
When will Montana's leaders stand up to ‘TACO Don?'
Sen. Tim Sheehy, R-Montana, speaks to Kaitlan Collins on CNN about the Trump tariffs, confirming that Americans will feel economic pain (Screenshot CNN). It hasn't been a good week for the guy who decided he was going to be a king and spent his first four months in office ignoring the law, declaring phony 'national emergencies' and issuing 'royal edicts' disguised as executive orders. But things didn't go exactly as he hoped — to put it mildly. To start, Wall Street, which has been wracked by his on again-off again tariffs, came up with a new moniker for him: TACO. That stands for 'Trump Always Chickens Out' and is rooted in his failed attempts to pressure the nations of the world — including our longest and most loyal allies — with crushing tariffs to sell goods in the U.S. Of course this didn't sit well with his fragile ego and he demeaned a reporter who asked him what he thought of Wall Street's label, falsely claiming our nation was 'stone cold dead' before he took office and warning her to never use the term or ask that 'nastiest question' again. That did not keep TACO Don out of the headlines, however. Next up on the hit list was Elon Musk announcing his time with the Trump administration has 'come to an end.' While Tesla sales were cratering and his latest Starship rocket was blowing up, he added insult to injury by declaring that the 'big beautiful bill' Trump has been arm-twisting Congress to pass would accomplish the opposite of what he tried to do with the phony 'Department of Government Efficiency' to cut government spending. Although causing incredible hardship and damage abroad and at home — including here in Montana — by Musk taking a chainsaw to government agencies, DOGE didn't come close to meeting the goal of slashing a trillion dollars from the deficit. In fact, on his way out the White House door he warned:'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.' The worst, however, was yet to come when the Court of International Trade issued a permanent injunction against his tariffs, ruling: 'The challenged Tariff Orders will be vacated and their operation permanently enjoined.' The unanimous ruling, including a Trump-appointed judge, found the International Emergency Economic Powers Act of 1977, which Trump attempted to use to declare his emergencies, 'does not authorize the President to impose unbounded tariffs' and halted them immediately. Even though a federal appeals court halted the trade court's injunction for now, it is obvious that the law doesn't allow the president to slap the nation and world around, the entire premise on which his emergency declarations were based is phony. There is no Canadian fentanyl emergency and there is no rare earth minerals emergency threatening the nation's defense capacity. As noted in a recent article on the potential for recovering those minerals from Montana's Berkeley Pits which contains 50 billion gallons of toxic water: 'A single F-35 fighter jet uses 900 pounds of rare-earth metals.' If our national defense was so threatened, one might credibly ask why we then sell F-35s all over the world? TACO Don's 'golden age' is unravelling faster than 'the weave' of lies and threats in his incoherent speeches. One might think it would be a good time for Congress, including Montana's all-GOP delegation, to acknowledge the failed policies and propaganda, get up off their knees, and get back to working on realistic, humane, and long-term policies that benefit the nation and their constituents here in Big Sky Country — not prop up the would-be dictator in the Oval Office.
Time of India
2 days ago
- Business
- Time of India
US trade court nixes Trump tariffs
The TOI correspondent in Washington : A US federal trade court on Wednesday torpedoed President Donald Trump's deployment of tariffs, rejecting among other things his administration's argument that he used the carrot of trade to defuse the India-Pakistan conflict. Tired of too many ads? go ad free now Instead, the court ruled that Trump exceeded his authority in usurping powers normally vested in Congress. The ruling by the little-known Court of International Trade in New York halted punitive tariffs the MAGA supremo announced on almost the entire world on April 2 under the banner of 'Liberation Day,' pending an appeal the Justice Department said it would file in the US Court of Appeals. The trade court ruled that federal law did not grant the President 'unbounded authority' to tax imports from nearly every country around the world, while directing the "challenged Tariff Orders will be vacated and their operation permanently enjoined." Plaintiffs in the case included 12 Democrat-run states that argued that the tariffs impacted them adversely and numerous businesses reliant on foreign suppliers. The US President had claimed broad authority to set global tariffs under the International Emergency Economic Powers Act (IEEPA), which is meant to address "unusual and extraordinary" threats during a national emergency, but the court ruled the argument came up short. 'It may be a very dandy plan, but it has to meet the statute,' Jane Restani, a senior judge on the three-member bipartisan bench who was nominated to the trade court by President Ronald Reagan noted during prolonged arguments on the issue. The administration had also argued that hamstringing the President could revive the India-Pakistan conflict, claiming Trump had used his tariff power to broker a ceasefire between India and Pakistan -- an assertion New Delhi has dismissed as bogus. Tired of too many ads? go ad free now The court ruling ignored the administration's claim. The court gave the Trump administration up to 10 days to end the tariff imposition -- a ruling that sent the stock market soaring -- but an angry White House indicated it was not about to fold on the issue, even as critics mocked the President with a new nickname: "TACO" -- Trump Always Chickens Out. Also read: A White House spokesman, Kush Desai, lashed out at the ruling saying "it is not for unelected judges to decide how to properly address a national emergency" and asserting that the unfair trade relationships which the President was trying to correct through tariffs, had 'decimated American communities, left our workers behind and weakened our defense industrial base." For now though, the court ruling weakens the administration's hand in efforts to reach trade deals with scores of countries, including India, all of whom find breathing space and time from an unexpected quarter -- an American court.
Barnama
2 days ago
- Business
- Barnama
US Court Of International Trade Rules Trump's Trade Tariffs Illegal
MOSCOW, May 29 (Bernama-Sputnik/RIA Novosti) -- The US Court of International Trade has ruled that United States (US) President Donald Trump exceeded his authority in imposing trade tariffs and has decided to block them, Sputnik/RIA Novosti reported. "The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA [International Emergency Economic Powers Act] to regulate importation by means of tariffs ... The challenged Tariff Orders will be vacated and their operation permanently enjoined," the court said in a statement on Wednesday. Later in the day, White House Deputy Press Secretary Kush Desai commented on the court's ruling. bootstrap slideshow "Foreign countries' nonreciprocal treatment of the United States has fuelled 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 defence 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," Desai said in a statement, as quoted by US media. On April 2, Trump signed an executive order that implemented reciprocal tariffs on imports from various countries. The base tariff rate was established at 10 per cent, with higher rates applied to 57 countries based on the US trade deficit with each specific nation.
Yahoo
2 days ago
- Business
- Yahoo
A federal court just killed Trump's tariff program, immediately striking them down nationwide
President Donald Trump suffered a stunning legal defeat on Wednesday after a federal court invalidated the extensive tariffs he rolled out in early April on 'Liberation Day.' The tariff announcement—broader and more aggressive than expected—sent stock markets into a spiral and bond markets into the yips. In response to the ruling, White House Spokesman Kush Desai said 'unelected judges' should not decide how to address a national emergency. The United States Court of International Trade rule ruled on Wednesday that President Donald Trump did not have authority to 'impose unlimited tariffs on goods from nearly every country in the world' and blocked Trump's prized tariff program. The ruling struck down tariffs of 25% on Canada and Mexico and 20% on products from China in addition to the 10% baseline tariff on all the U.S. trading partners. The court ruled the International Emergency Economic Powers Act (IEEPA), which Trump relied on as the basis for his power to unleash the tariffs, did not give him unbounded authority. The court wrote 'any interpretation of IEEPA that delegates unlimited tariff authority is unconstitutional.' The ruling is immediate and comprehensive. It came after multiple businesses and states sued the Trump Administration and Secretary of Commerce Howard Lutnick. 'There is no question here of narrowly tailored relief; if the challenged Tariff Orders are unlawful as to Plaintiffs they are unlawful as to all,' states the ruling, written by a panel of three judges. 'The challenged Tariff Orders will be vacated and their operation permanently enjoined.' In a statement, White House spokesman Kush Desai said foreign countries' 'nonreciprocal treatment of the United 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,' the statement reads. '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.' According to the ruling, Trump can only use emergency powers granted by the IEEPA under certain conditions. First, there has to be a threat to national security, foreign policy, or the U.S. economy; the threat must be 'unusual and extraordinary;' a national emergency must be declared because of the threat; and, the president using the IEEPA authority must 'deal with' the threat. Plaintiffs in the case argued the executive orders that implemented the tariffs didn't meet the 'unusual and extraordinary' conditions and that the tariffs, meanwhile, didn't deal with them anyway. ''Deal with' connotes a direct link between an act and the problem it purports to address,' the ruling states. 'A tax deals with a budget deficit by raising revenue. A dam deals with flooding by holding back a river. But there is no such association between the act of imposing a tariff and the 'unusual and extraordinary threat[s]' that the Trafficking Orders purport to combat.' Accordingly, customs officers collecting tariffs on lawful imports does not relate to foreign government's efforts to arrest and thwart illicit drug operations and dealers. The executive orders that paved the way for tariffs cited illegal drugs as the catalyst, but if the IEEPA is the basis for the order, the tariffs should deal specifically with the drug problem. Instead, the government argued tariffs created 'leverage' to deal with those issues. 'If 'deal with' can mean 'impose a burden until someone else deals with' then everything is permitted,' the ruling states. 'It means a President may use IEEPA to take whatever actions he chooses simply by declaring them 'pressure' or 'leverage' tactics that will elicit a third party's response to an unconnected 'threat.'' This story was originally featured on
