Latest news with #TradeCourt
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Customs Brokers Prepare Refund Claims After Court Ruling
Customs brokers are starting to prepare refund claims for U.S. importers, after a trade court ruled Wednesday that President Trump didn't have the authority to impose sweeping tariffs. Customs brokers, who handle the paperwork to process imports and calculate duties, also handle refunds. They said they are awaiting clarity from U.S. Customs and Border Protection on what is refundable. Importers say they are crossing their fingers.
Reuters
29-05-2025
- Business
- Reuters
Most Gulf markets rise in early trade tracking firmer oil prices
May 29 (Reuters) - Most Gulf stock markets rose in early trade on Thursday, tracking stronger oil prices, after a U.S. trade court blocked most of President Donald Trump's "Liberation Day" tariffs from going into effect. Oil prices - a catalyst for markets in the Gulf - rose by $1 on Thursday, with Brent crude futures rising 1.6% to $65.93 a barrel, as of 0630 GMT. The Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The ruling boosted risk appetite across global markets, which have been on edge about the impact of levies on economic growth. Analysts, however, say that the relief might be temporary given the Trump administration said it will appeal the ruling. Supply risks continue to persist, with Chevron (CVX.N), opens new tab terminating its oil production and other activities in Venezuela. Its key license was revoked by the Trump administration in March. Markets were also on the watch for a potential new U.S. sanctions curbing Russian crude flows alongside decision from OPEC+ on accelerating oil production hikes in July, expected in a meeting later this week. Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.26% in early trade, with investment company Sinad Holding ( opens new tab advancing 4.62%. The kingdom's largest lender by assets Saudi National Bank ( opens new tab was up 1.01%. Markets in the UAE were subdued, with Abu Dhabi's benchmark index (.FTFADGI), opens new tab inching 0.14% lower and Dubai's main share index (.DFMGI), opens new tab down 0.49%. Maritime and shipping company Gulf Navigation Holding ( opens new tab was the top loser on the index in Dubai, falling 1.68%. Construction materials provider National Cement ( opens new tab was the top gainer, up 5.57%. The index is set to snap five consecutive sessions of gains. Qatar's benchmark stock index (.QSI), opens new tab was up 0.24% in early trade, with consumer goods conglomerate Industries Qatar ( opens new tab gaining 1.40%.
