Latest news with #USCourtofAppeals
Hans India
13 hours ago
- Politics
- Hans India
US Supreme Court allows Trump administration ending umanitarian parole for 500,000-plus migrants
US Supreme Court lifted a federal district court order that kept humanitarian parole protections in place for more than 500,000 migrants from four countries of Cuba, Haiti, Nicaragua and Venezuela. The court has also allowed the Trump administration to revoke temporary legal status for about 350,000 Venezuelan migrants in another case, Xinhua news agency reported. The move has cleared the way for the Trump administration to strip temporary legal protections for hundreds of thousands of immigrants for now, and pushed the total number of people who could be exposed to deportation to nearly one million, local media reported Friday. To address the growing number of migrants arriving at the US-Mexico border, the Biden administration created a parole program for Cubans, Haitians, Nicaraguans and Venezuelans in late 2022 and early 2023, authorising them to work in the United States for two years after going through certain process. The program protected roughly 532,000 people from the risk of deportation. But soon after beginning his second term, President Donald Trump issued an executive order directing the Homeland Security Secretary Kristi Noem to terminate all parole programs. Acting on the executive order, Noem in March announced ending the parole program, with any grants of parole still in effect expiring by April 24. A federal district court judge in Massachusetts agreed to halt Noem's blanket revocation of migrants' temporary legal status when a group of 23 individuals including several parolees and a nonprofit organization challenged Noem's termination of the program. The Trump administration first appealed to the US Court of Appeals for the 1st Circuit, which declined to pause the district court's order pending appeal; and then sought the Supreme Court's intervention.
Yahoo
21 hours ago
- Business
- Yahoo
Trump tariffs live updates: Trump says he is doubling tariffs on steel imports to 50%
President Trump said at a rally in Pennsylvania on Friday that he is going to double tariffs on steel imports from 25% to 50%. The hike, the president said, "will even further secure the steel industry in the United States." Earlier on Friday, Trump lashed out at China on Truth Social, saying China had "violated" its trade deal with the US. "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!" Trump wrote. Later in the Oval Office, he hinted he planned to speak with Chinese leader Xi Jinping. Trump did not specify how China allegedly broke the agreement. During an interview with CNBC, US Trade Representative Jamieson Greer claimed the Chinese were "slow rolling their compliance." The escalation comes as the US-China detente — reached earlier this month, when each country eased sky-high tariffs on the other — looks more fragile amid both trade-related and other tensions. Meanwhile, Trump's most sweeping tariffs have entered a period of legal uncertainty. A federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them "unlawful." That means Trump's tariff agenda remains intact, if in flux, in the latest twist in the unfolding legal saga that Trump said Friday he was confident he would "win." Late Wednesday, the trade court had voted to block many of Trump's tariffs, including the flat-rate "reciprocal" tariffs aimed at US trade partners, as well as key China-focused duties. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. The White House has vowed to take its appeal to the Supreme Court if necessary. Administration officials also hinted that court rulings would not be the final say for a president who has based much of his economic agenda on enacting the tariffs. Yahoo Finance's Ben Werschkul has an overview of the other maneuvers Trump could pursue. Amid the legal chaos, US trade negotiations have apparently continued in earnest this week with India and the EU. Here are the latest updates as the policy reverberates around the world. The temporary trade deal that led to the US and China pausing steep tariffs is showing signs of fraying. In a post on Truth Social on Friday, President Trump made it clear who he thinks is to blame. "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," Trump said. "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," he continued, "is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." "So much for being Mr. NICE GUY!" President Trump said that although he gave US automakers "some leeway" with tariffs, he expects automakers to fully bring back domestic auto manufacturing in the next year. "All of the manufacturers will build their parts here too," Trump told reporters in the Oval Office in response to a question about tariffs affecting companies like Tesla (TSLA). Of note, Tesla is considered to have the highest percentage of "Made in America" parts, though no car is 100% made in the US. Tesla's long-range Model Y and Model 3 vehicles contain 87.5% "total domestic content," according to a 2024 study by Kelley Blue Book. "It used to bother me, [automakers] make a part in Canada, a part in Mexico, a part in Europe, and sent all over the place, and nobody knew what the hell was happening," Trump continued. "I think you build a car, make it in America. ... over the next year, they've got to have the whole thing built in America." The US imposed auto tariffs of 25% on May 3, but the Trump administration carved out an exemption for some auto parts tariffs, stating that they would not be stacked on top of other tariffs. The auto industry has lobbied hard for tariff exemptions since Trump took office. While many of Trump's most extreme tariffs are being challenged in court, those cases do not affect auto tariffs, which were implemented using a separate law. In a press conference with Tesla (TSLA) CEO Elon Musk on Friday afternoon, President Trump repeated his claim that China "violated a big part of the agreement we made." Trump also stated that he expects to have a call with Chinese President Xi Jinping, though he didn't offer any definite details about when such a call would take place. "I'm sure that I'll speak to President Xi, and hopefully we'll work that out," the president said. Trump has not yet spoken with his Chinese counterpart during his second term. He previously said he expected to speak with Xi in mid-May after the US and China announced a temporary tariff pause, but that call never occurred. Trump's comments come as trade tensions between the US and China ratchet up again. On Friday, Trump escalated his rhetoric against China, and Bloomberg reported that the Trump administration plans to expand tech restrictions on the country. US markets took another leg lower on Friday after Bloomberg reported the Trump administration plans to expand tech restrictions on China by targeting subsidiaries of already-sanctioned firms. The proposed rule would require US government licenses for transactions involving companies majority-owned by firms on the so-called "Entity List," aiming to close loopholes used to bypass existing curbs. The measure, which could affect major Chinese chipmakers such as Huawei and Yangtze Memory Technologies, is expected to further heighten tensions between Washington and Beijing amid ongoing disputes over semiconductors and critical mineral exports. The report comes on the heels of earlier comments from President Trump, who lashed out at China in a Truth Social post, accusing the country of having "violated" its trade deal with the US. While he did not provide specifics, the comments echoed earlier rhetoric from his administration suggesting that negotiations with Beijing had "stalled." In afternoon trade, the Nasdaq (^IXIC) dropped approximately 1.6% while the benchmark S&P 500 (^GSPC) fell 1%, and the Dow (^DJI) slipped 0.6%. Reuters reports: Read more here. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Nvidia (NVDA) and Trump tariffs: Read more here. Apple (AAPL) iPhone sales and its rivals are expected to take a significant hit due to President Trump's tariffs. Bloomberg News reports: Read more here. With US-China trade talks stalling, tensions may rise further as Trump steps up arms sales to China's rival, Taiwan. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Some of China's biggest tech companies have started to switch development of their artificial intelligence to homegrown chips as opposed to using semiconductors from America, due to the US export controls — which has led to a dwindling stockpile of Nvidia (NVDA) processors. The FT reports: Read more here. A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected. Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way. Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling. Reuters reports: Read more here. Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally. Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels. Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement. Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent. Read more here. A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs. The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal. Taiwan is pushing for tariffs lower than the 10% base rate, Bloomberg reports: Read more here. Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday. Bloomberg reports: Read more here. Bloomberg reports: Reuters reports: Read more here. Such a move could add another wrinkle to US trade negotiations with the EU. Reuters reports: Read more here. Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China. Bloomberg News reports: Read more here. The temporary trade deal that led to the US and China pausing steep tariffs is showing signs of fraying. In a post on Truth Social on Friday, President Trump made it clear who he thinks is to blame. "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," Trump said. "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," he continued, "is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." "So much for being Mr. NICE GUY!" President Trump said that although he gave US automakers "some leeway" with tariffs, he expects automakers to fully bring back domestic auto manufacturing in the next year. "All of the manufacturers will build their parts here too," Trump told reporters in the Oval Office in response to a question about tariffs affecting companies like Tesla (TSLA). Of note, Tesla is considered to have the highest percentage of "Made in America" parts, though no car is 100% made in the US. Tesla's long-range Model Y and Model 3 vehicles contain 87.5% "total domestic content," according to a 2024 study by Kelley Blue Book. "It used to bother me, [automakers] make a part in Canada, a part in Mexico, a part in Europe, and sent all over the place, and nobody knew what the hell was happening," Trump continued. "I think you build a car, make it in America. ... over the next year, they've got to have the whole thing built in America." The US imposed auto tariffs of 25% on May 3, but the Trump administration carved out an exemption for some auto parts tariffs, stating that they would not be stacked on top of other tariffs. The auto industry has lobbied hard for tariff exemptions since Trump took office. While many of Trump's most extreme tariffs are being challenged in court, those cases do not affect auto tariffs, which were implemented using a separate law. In a press conference with Tesla (TSLA) CEO Elon Musk on Friday afternoon, President Trump repeated his claim that China "violated a big part of the agreement we made." Trump also stated that he expects to have a call with Chinese President Xi Jinping, though he didn't offer any definite details about when such a call would take place. "I'm sure that I'll speak to President Xi, and hopefully we'll work that out," the president said. Trump has not yet spoken with his Chinese counterpart during his second term. He previously said he expected to speak with Xi in mid-May after the US and China announced a temporary tariff pause, but that call never occurred. Trump's comments come as trade tensions between the US and China ratchet up again. On Friday, Trump escalated his rhetoric against China, and Bloomberg reported that the Trump administration plans to expand tech restrictions on the country. US markets took another leg lower on Friday after Bloomberg reported the Trump administration plans to expand tech restrictions on China by targeting subsidiaries of already-sanctioned firms. The proposed rule would require US government licenses for transactions involving companies majority-owned by firms on the so-called "Entity List," aiming to close loopholes used to bypass existing curbs. The measure, which could affect major Chinese chipmakers such as Huawei and Yangtze Memory Technologies, is expected to further heighten tensions between Washington and Beijing amid ongoing disputes over semiconductors and critical mineral exports. The report comes on the heels of earlier comments from President Trump, who lashed out at China in a Truth Social post, accusing the country of having "violated" its trade deal with the US. While he did not provide specifics, the comments echoed earlier rhetoric from his administration suggesting that negotiations with Beijing had "stalled." In afternoon trade, the Nasdaq (^IXIC) dropped approximately 1.6% while the benchmark S&P 500 (^GSPC) fell 1%, and the Dow (^DJI) slipped 0.6%. Reuters reports: Read more here. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Nvidia (NVDA) and Trump tariffs: Read more here. Apple (AAPL) iPhone sales and its rivals are expected to take a significant hit due to President Trump's tariffs. Bloomberg News reports: Read more here. With US-China trade talks stalling, tensions may rise further as Trump steps up arms sales to China's rival, Taiwan. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Some of China's biggest tech companies have started to switch development of their artificial intelligence to homegrown chips as opposed to using semiconductors from America, due to the US export controls — which has led to a dwindling stockpile of Nvidia (NVDA) processors. The FT reports: Read more here. A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected. Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way. Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling. Reuters reports: Read more here. Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally. Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels. Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement. Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent. Read more here. A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs. The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal. Taiwan is pushing for tariffs lower than the 10% base rate, Bloomberg reports: Read more here. Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday. Bloomberg reports: Read more here. Bloomberg reports: Reuters reports: Read more here. Such a move could add another wrinkle to US trade negotiations with the EU. Reuters reports: Read more here. Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Trump tariffs live updates: Trump says he is doubling tariffs on steel imports to 50%
President Trump said at a rally in Pennsylvania on Friday that he is going to double tariffs on steel imports from 25% to 50%. The hike, the president said, "will even further secure the steel industry in the United States." Earlier on Friday, Trump lashed out at China on Truth Social, saying China had "violated" its trade deal with the US. "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!" Trump wrote. Later in the Oval Office, he hinted he planned to speak with Chinese leader Xi Jinping. Trump did not specify how China allegedly broke the agreement. During an interview with CNBC, US Trade Representative Jamieson Greer claimed the Chinese were "slow rolling their compliance." The escalation comes as the US-China detente — reached earlier this month, when each country eased sky-high tariffs on the other — looks more fragile amid both trade-related and other tensions. Meanwhile, Trump's most sweeping tariffs have entered a period of legal uncertainty. A federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them "unlawful." That means Trump's tariff agenda remains intact, if in flux, in the latest twist in the unfolding legal saga that Trump said Friday he was confident he would "win." Late Wednesday, the trade court had voted to block many of Trump's tariffs, including the flat-rate "reciprocal" tariffs aimed at US trade partners, as well as key China-focused duties. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. The White House has vowed to take its appeal to the Supreme Court if necessary. Administration officials also hinted that court rulings would not be the final say for a president who has based much of his economic agenda on enacting the tariffs. Yahoo Finance's Ben Werschkul has an overview of the other maneuvers Trump could pursue. Amid the legal chaos, US trade negotiations have apparently continued in earnest this week with India and the EU. Here are the latest updates as the policy reverberates around the world. The temporary trade deal that led to the US and China pausing steep tariffs is showing signs of fraying. In a post on Truth Social on Friday, President Trump made it clear who he thinks is to blame. "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," Trump said. "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," he continued, "is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." "So much for being Mr. NICE GUY!" President Trump said that although he gave US automakers "some leeway" with tariffs, he expects automakers to fully bring back domestic auto manufacturing in the next year. "All of the manufacturers will build their parts here too," Trump told reporters in the Oval Office in response to a question about tariffs affecting companies like Tesla (TSLA). Of note, Tesla is considered to have the highest percentage of "Made in America" parts, though no car is 100% made in the US. Tesla's long-range Model Y and Model 3 vehicles contain 87.5% "total domestic content," according to a 2024 study by Kelley Blue Book. "It used to bother me, [automakers] make a part in Canada, a part in Mexico, a part in Europe, and sent all over the place, and nobody knew what the hell was happening," Trump continued. "I think you build a car, make it in America. ... over the next year, they've got to have the whole thing built in America." The US imposed auto tariffs of 25% on May 3, but the Trump administration carved out an exemption for some auto parts tariffs, stating that they would not be stacked on top of other tariffs. The auto industry has lobbied hard for tariff exemptions since Trump took office. While many of Trump's most extreme tariffs are being challenged in court, those cases do not affect auto tariffs, which were implemented using a separate law. In a press conference with Tesla (TSLA) CEO Elon Musk on Friday afternoon, President Trump repeated his claim that China "violated a big part of the agreement we made." Trump also stated that he expects to have a call with Chinese President Xi Jinping, though he didn't offer any definite details about when such a call would take place. "I'm sure that I'll speak to President Xi, and hopefully we'll work that out," the president said. Trump has not yet spoken with his Chinese counterpart during his second term. He previously said he expected to speak with Xi in mid-May after the US and China announced a temporary tariff pause, but that call never occurred. Trump's comments come as trade tensions between the US and China ratchet up again. On Friday, Trump escalated his rhetoric against China, and Bloomberg reported that the Trump administration plans to expand tech restrictions on the country. US markets took another leg lower on Friday after Bloomberg reported the Trump administration plans to expand tech restrictions on China by targeting subsidiaries of already-sanctioned firms. The proposed rule would require US government licenses for transactions involving companies majority-owned by firms on the so-called "Entity List," aiming to close loopholes used to bypass existing curbs. The measure, which could affect major Chinese chipmakers such as Huawei and Yangtze Memory Technologies, is expected to further heighten tensions between Washington and Beijing amid ongoing disputes over semiconductors and critical mineral exports. The report comes on the heels of earlier comments from President Trump, who lashed out at China in a Truth Social post, accusing the country of having "violated" its trade deal with the US. While he did not provide specifics, the comments echoed earlier rhetoric from his administration suggesting that negotiations with Beijing had "stalled." In afternoon trade, the Nasdaq (^IXIC) dropped approximately 1.6% while the benchmark S&P 500 (^GSPC) fell 1%, and the Dow (^DJI) slipped 0.6%. Reuters reports: Read more here. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Nvidia (NVDA) and Trump tariffs: Read more here. Apple (AAPL) iPhone sales and its rivals are expected to take a significant hit due to President Trump's tariffs. Bloomberg News reports: Read more here. With US-China trade talks stalling, tensions may rise further as Trump steps up arms sales to China's rival, Taiwan. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Some of China's biggest tech companies have started to switch development of their artificial intelligence to homegrown chips as opposed to using semiconductors from America, due to the US export controls — which has led to a dwindling stockpile of Nvidia (NVDA) processors. The FT reports: Read more here. A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected. Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way. Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling. Reuters reports: Read more here. Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally. Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels. Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement. Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent. Read more here. A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs. The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal. Taiwan is pushing for tariffs lower than the 10% base rate, Bloomberg reports: Read more here. Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday. Bloomberg reports: Read more here. Bloomberg reports: Reuters reports: Read more here. Such a move could add another wrinkle to US trade negotiations with the EU. Reuters reports: Read more here. Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China. Bloomberg News reports: Read more here. The temporary trade deal that led to the US and China pausing steep tariffs is showing signs of fraying. In a post on Truth Social on Friday, President Trump made it clear who he thinks is to blame. "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," Trump said. "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," he continued, "is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." "So much for being Mr. NICE GUY!" President Trump said that although he gave US automakers "some leeway" with tariffs, he expects automakers to fully bring back domestic auto manufacturing in the next year. "All of the manufacturers will build their parts here too," Trump told reporters in the Oval Office in response to a question about tariffs affecting companies like Tesla (TSLA). Of note, Tesla is considered to have the highest percentage of "Made in America" parts, though no car is 100% made in the US. Tesla's long-range Model Y and Model 3 vehicles contain 87.5% "total domestic content," according to a 2024 study by Kelley Blue Book. "It used to bother me, [automakers] make a part in Canada, a part in Mexico, a part in Europe, and sent all over the place, and nobody knew what the hell was happening," Trump continued. "I think you build a car, make it in America. ... over the next year, they've got to have the whole thing built in America." The US imposed auto tariffs of 25% on May 3, but the Trump administration carved out an exemption for some auto parts tariffs, stating that they would not be stacked on top of other tariffs. The auto industry has lobbied hard for tariff exemptions since Trump took office. While many of Trump's most extreme tariffs are being challenged in court, those cases do not affect auto tariffs, which were implemented using a separate law. In a press conference with Tesla (TSLA) CEO Elon Musk on Friday afternoon, President Trump repeated his claim that China "violated a big part of the agreement we made." Trump also stated that he expects to have a call with Chinese President Xi Jinping, though he didn't offer any definite details about when such a call would take place. "I'm sure that I'll speak to President Xi, and hopefully we'll work that out," the president said. Trump has not yet spoken with his Chinese counterpart during his second term. He previously said he expected to speak with Xi in mid-May after the US and China announced a temporary tariff pause, but that call never occurred. Trump's comments come as trade tensions between the US and China ratchet up again. On Friday, Trump escalated his rhetoric against China, and Bloomberg reported that the Trump administration plans to expand tech restrictions on the country. US markets took another leg lower on Friday after Bloomberg reported the Trump administration plans to expand tech restrictions on China by targeting subsidiaries of already-sanctioned firms. The proposed rule would require US government licenses for transactions involving companies majority-owned by firms on the so-called "Entity List," aiming to close loopholes used to bypass existing curbs. The measure, which could affect major Chinese chipmakers such as Huawei and Yangtze Memory Technologies, is expected to further heighten tensions between Washington and Beijing amid ongoing disputes over semiconductors and critical mineral exports. The report comes on the heels of earlier comments from President Trump, who lashed out at China in a Truth Social post, accusing the country of having "violated" its trade deal with the US. While he did not provide specifics, the comments echoed earlier rhetoric from his administration suggesting that negotiations with Beijing had "stalled." In afternoon trade, the Nasdaq (^IXIC) dropped approximately 1.6% while the benchmark S&P 500 (^GSPC) fell 1%, and the Dow (^DJI) slipped 0.6%. Reuters reports: Read more here. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Nvidia (NVDA) and Trump tariffs: Read more here. Apple (AAPL) iPhone sales and its rivals are expected to take a significant hit due to President Trump's tariffs. Bloomberg News reports: Read more here. With US-China trade talks stalling, tensions may rise further as Trump steps up arms sales to China's rival, Taiwan. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Some of China's biggest tech companies have started to switch development of their artificial intelligence to homegrown chips as opposed to using semiconductors from America, due to the US export controls — which has led to a dwindling stockpile of Nvidia (NVDA) processors. The FT reports: Read more here. A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected. Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way. Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling. Reuters reports: Read more here. Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally. Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels. Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement. Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent. Read more here. A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs. The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal. Taiwan is pushing for tariffs lower than the 10% base rate, Bloomberg reports: Read more here. Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday. Bloomberg reports: Read more here. Bloomberg reports: Reuters reports: Read more here. Such a move could add another wrinkle to US trade negotiations with the EU. Reuters reports: Read more here. Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China. Bloomberg News reports: Read more here.
Yahoo
a day ago
- Business
- Yahoo
Trump tariffs live updates: Trump wants Xi talk after claiming China 'violated' deal; tariffs face legal limbo
President Donald Trump lashed out at China on Friday morning on Truth Social, saying China had "violated" its trade deal with the US. "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!" Trump wrote. Later in the Oval Office, he hinted he planned to speak with Chinese leader Xi Jinping. "Hopefully we'll work that out," he said. Trump did not specify how China allegedly broke the agreement. During an interview with CNBC, US Trade Representative Jamieson Greer claimed the Chinese were "slow rolling their compliance." The escalation comes as the US-China detente — reached earlier this month, when each country eased sky-high tariffs on the other — looks more fragile amid both trade-related and other tensions. Meanwhile, Trump's most sweeping tariffs have entered a period of legal uncertainty. A federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them "unlawful." That means Trump's tariff agenda remains intact, if in flux, in the latest twist in the unfolding legal saga that Trump said Friday he was confident he would "win." Late Wednesday, the trade court had voted to block many of Trump's tariffs, including the flat-rate "reciprocal" tariffs aimed at US trade partners, as well as key China-focused duties. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. The White House has vowed to take its appeal to the Supreme Court if necessary. Administration officials also hinted that court rulings would not be the final say for a president who has based much of his economic agenda on enacting the tariffs. Yahoo Finance's Ben Werschkul has an overview of the other maneuvers Trump could pursue. Amid the legal chaos, US trade negotiations have apparently continued in earnest this week with India and the EU. Here are the latest updates as the policy reverberates around the world. The temporary trade deal that led to the US and China pausing steep tariffs is showing signs of fraying. In a post on Truth Social on Friday, President Trump made it clear who he thinks is to blame. "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," Trump said. "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," he continued, "is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." "So much for being Mr. NICE GUY!" In a press conference with Tesla (TSLA) CEO Elon Musk on Friday afternoon, President Trump repeated his claim that China "violated a big part of the agreement we made." Trump also stated that he expects to have a call with Chinese President Xi Jinping, though he didn't offer any definite details about when such a call would take place. "I'm sure that I'll speak to President Xi, and hopefully we'll work that out," the president said. Trump has not yet spoken with his Chinese counterpart during his second term. He previously said he expected to speak with Xi in mid-May after the US and China announced a temporary tariff pause, but that call never occurred. Trump's comments come as trade tensions between the US and China ratchet up again. On Friday, Trump escalated his rhetoric against China, and Bloomberg reported that the Trump administration plans to expand tech restrictions on the country. US markets took another leg lower on Friday after Bloomberg reported the Trump administration plans to expand tech restrictions on China by targeting subsidiaries of already-sanctioned firms. The proposed rule would require US government licenses for transactions involving companies majority-owned by firms on the so-called "Entity List," aiming to close loopholes used to bypass existing curbs. The measure, which could affect major Chinese chipmakers such as Huawei and Yangtze Memory Technologies, is expected to further heighten tensions between Washington and Beijing amid ongoing disputes over semiconductors and critical mineral exports. The report comes on the heels of earlier comments from President Trump, who lashed out at China in a Truth Social post, accusing the country of having "violated" its trade deal with the US. While he did not provide specifics, the comments echoed earlier rhetoric from his administration suggesting that negotiations with Beijing had "stalled." In afternoon trade, the Nasdaq (^IXIC) dropped approximately 1.6% while the benchmark S&P 500 (^GSPC) fell 1%, and the Dow (^DJI) slipped 0.6%. Reuters reports: Read more here. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Nvidia (NVDA) and Trump tariffs: Read more here. Apple (AAPL) iPhone sales and its rivals are expected to take a significant hit due to President Trump's tariffs. Bloomberg News reports: Read more here. With US-China trade talks stalling, tensions may rise further as Trump steps up arms sales to China's rival, Taiwan. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Some of China's biggest tech companies have started to switch development of their artificial intelligence to homegrown chips as opposed to using semiconductors from America, due to the US export controls — which has led to a dwindling stockpile of Nvidia (NVDA) processors. The FT reports: Read more here. A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected. Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way. Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling. Reuters reports: Read more here. Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally. Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels. Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement. Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent. Read more here. A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs. The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal. Taiwan is pushing for tariffs lower than the 10% base rate, Bloomberg reports: Read more here. Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday. Bloomberg reports: Read more here. Bloomberg reports: Reuters reports: Read more here. Such a move could add another wrinkle to US trade negotiations with the EU. Reuters reports: Read more here. Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. The temporary trade deal that led to the US and China pausing steep tariffs is showing signs of fraying. In a post on Truth Social on Friday, President Trump made it clear who he thinks is to blame. "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," Trump said. "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," he continued, "is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." "So much for being Mr. NICE GUY!" In a press conference with Tesla (TSLA) CEO Elon Musk on Friday afternoon, President Trump repeated his claim that China "violated a big part of the agreement we made." Trump also stated that he expects to have a call with Chinese President Xi Jinping, though he didn't offer any definite details about when such a call would take place. "I'm sure that I'll speak to President Xi, and hopefully we'll work that out," the president said. Trump has not yet spoken with his Chinese counterpart during his second term. He previously said he expected to speak with Xi in mid-May after the US and China announced a temporary tariff pause, but that call never occurred. Trump's comments come as trade tensions between the US and China ratchet up again. On Friday, Trump escalated his rhetoric against China, and Bloomberg reported that the Trump administration plans to expand tech restrictions on the country. US markets took another leg lower on Friday after Bloomberg reported the Trump administration plans to expand tech restrictions on China by targeting subsidiaries of already-sanctioned firms. The proposed rule would require US government licenses for transactions involving companies majority-owned by firms on the so-called "Entity List," aiming to close loopholes used to bypass existing curbs. The measure, which could affect major Chinese chipmakers such as Huawei and Yangtze Memory Technologies, is expected to further heighten tensions between Washington and Beijing amid ongoing disputes over semiconductors and critical mineral exports. The report comes on the heels of earlier comments from President Trump, who lashed out at China in a Truth Social post, accusing the country of having "violated" its trade deal with the US. While he did not provide specifics, the comments echoed earlier rhetoric from his administration suggesting that negotiations with Beijing had "stalled." In afternoon trade, the Nasdaq (^IXIC) dropped approximately 1.6% while the benchmark S&P 500 (^GSPC) fell 1%, and the Dow (^DJI) slipped 0.6%. Reuters reports: Read more here. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Nvidia (NVDA) and Trump tariffs: Read more here. Apple (AAPL) iPhone sales and its rivals are expected to take a significant hit due to President Trump's tariffs. Bloomberg News reports: Read more here. With US-China trade talks stalling, tensions may rise further as Trump steps up arms sales to China's rival, Taiwan. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Some of China's biggest tech companies have started to switch development of their artificial intelligence to homegrown chips as opposed to using semiconductors from America, due to the US export controls — which has led to a dwindling stockpile of Nvidia (NVDA) processors. The FT reports: Read more here. A federal appeals court has temporarily reinstated President Trump's global tariffs by pausing a lower court ruling that had blocked them. The decision, which came sooner than expected, means the tariffs will remain in effect for now. The US Court of Appeals for the Federal Circuit, which oversees the International Trade Court, granted the Trump administration's request for a temporary administrative stay. This gives the court time to review legal arguments and filings. The administration must submit its briefings by June 9, after which the court will determine the next steps. As Yahoo Finance legal reporter Alexis Keenan noted, Trump has broad authority to impose tariffs through various legal channels, including Sections 232 and 301. The administration had chosen to justify the tariffs under an emergency act, citing concerns such as immigration and drug trafficking — an argument the lower court rejected. Legal experts say it's unclear how the appeals court will ultimately rule, as another court might interpret the emergency authority in a different way. Analysts are raising concerns about how a new court ruling against President Trump's tariffs could force the U.S. government to raise the debt ceiling. Reuters reports: Read more here. Tensions between the US and China are rising again after the Trump administration announced it would revoke Chinese student visas, restrict chip design software, and try to block Huawei from selling advanced AI chips globally. Per Bloomberg, China's Foreign Ministry called the crackdown on student visas "discriminatory" on Thursday but did not move to immediately retaliate, signaling it was trying to avoid the kind of rapid escalation that brought tariffs to triple-digit levels. Still, the divide shows that the two countries are far from resolving their issues — chiefly tech competition — and coming to a trade agreement. Trump has yet to speak with Chinese leader Xi Jinping in his second term, despite hints a few weeks ago after top officials met in Geneva that a call was imminent. Read more here. A top official said that Taiwan will continue to seek a trade deal with the US despite the trade court's ruling on Wednesday that at least temporarily paused many of President Trump's tariffs. The Manhattan-based court ruled that many of Trump's wide-ranging tariffs, including the 10% "reciprocal" tariffs, were unlawful in a decision that the administration is expected to appeal. Taiwan is pushing for tariffs lower than the 10% base rate, Bloomberg reports: Read more here. Tariff uncertainty may be the primary thing standing in the way of lower interest rates, the Federal Reserve's Austan Goolsbee suggested on Thursday. Bloomberg reports: Read more here. Bloomberg reports: Reuters reports: Read more here. Such a move could add another wrinkle to US trade negotiations with the EU. Reuters reports: Read more here. Shares in HP Inc. (HPQ) fell by 8% on Thursday in premarket trading after the company's profit outlook missed estimates and it cut the annual earnings forecast, citing a weaker economy and continuing costs from US tariffs on goods from China. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Trump tariffs effectively reinstated as President succeeds in court appeal
Appeals judges in the US have effectively reinstated Trump's import tariffs following a ruling by the US Court of International Trade on Wednesday (28 May) that the taxes were 'invalid'. After the trade court concluded the implementation of tariffs 'exceed any authority granted to the President', and therefore were 'invalid and cannot be implemented', Trump and is team immediately rallied against the order by filing an appeal with the Washington-headquartered US Court of Appeals for the Federal Circuit. That appeal for a stay of execution was granted yesterday (29 May). '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,' the Appeals court said in a statement. Plaintiffs were directed by the Court to respond to the stay order by 5 June and the US administration led by Trump by 9 June, and no later in both cases. New York State attorney general Laetitia James was part of the coalition of 11 other attorneys who sued the Trump administration over imposing the global tariffs using the International Emergency Economic Powers Act (IEEPA). The Appeals court indicated the US Court of International Trade has yet to respond to its decision, while Trump suggested on social media that the case may go before the US Supreme Court to make a final judgment. In yesterday's statement, the Appeals judges explained with respect to the ruling on Wednesday by the trade court. 'The United States moves to consolidate its appeals from those rulings and has applied for this court to stay the judgment and injunction pending these appeals and for an immediate administrative stay while the court considers that motion. The United States's request for the Court of International Trade to grant the same relief remains pending before that court.' Trump took to the social media platform Truth Social to vent his frustration, calling the ruling by the US Court of International Trade as 'so wrong, and so political'. The President added: 'Hopefully, the Supreme Court will reverse this horrible, country threatening decision, quickly and decisively. 'The horrific decision stated that I would have to get the approval of Congress for these tariffs. In other words, hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion as to what to charge other countries that are treating us unfairly. 'If allowed to stand, this would completely destroy Presidential power - the Presidency would never be the same.' New York State attorney general James had said on Wednesday that 'no president has the power to single-handedly raise taxes whenever they like' and outlined some of the potential impacts. 'These tariffs are a massive tax hike on working families and American businesses that would have led to more inflation, economic damage to businesses of all sizes, and job losses across the country if allowed to continue.' Navigate the shifting tariff landscape with real-time data and market-leading analysis. . "Trump tariffs effectively reinstated as President succeeds in court appeal" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
