Latest news with #courtRuling
Reuters
4 days ago
- Business
- Reuters
Rupee to rise at open after dollar reverses tariff ruling-spurred rally
MUMBAI, May 30 (Reuters) - The Indian rupee is poised to open higher on Friday, after the U.S. dollar's rally, which was sparked by a U.S. court ruling on tariff policy, proved short-lived. The 1-month non-deliverable forward indicated a open in the 85.36-85.40 range, versus the previous session's close of 85.5075. So far this week, the Indian currency has been in a 84.78 to 85.70 range and is on track for a marginal weekly decline. The rupee "is in a space where you have to play the ranges" with the near-term range defined by recent price action between 85.00 and 85.80, a currency trader at a Mumbai-based bank said. "Moves below 85 (on dollar/rupee) and past 86 are difficult to imagine at this stage." The dollar index, which had touched an intraday high of 100.48 on Thursday, slipped to 99.30, allowing Asian currencies to recover from losses. The dollar had initially found support after a U.S. court ruling blocked most of former President Donald Trump's proposed tariffs. However, a federal appeals court later issued a temporary pause on the ruling, allowing the tariffs to remain in place for now. Senior officials from the Trump administration had anyway downplayed the impact of the ruling blocking the tariffs, expressing confidence it would be overturned on appeal and indicating that alternative legal avenues to impose tariffs remain available. While the initial court ruling sparked optimism, it does not eliminate the uncertainty surrounding the U.S. trade policy, ANZ Bank said in a note. "The appeal process could drag on for months, adding to trade policy uncertainty,' ANZ noted, while pointing out that legal experts have suggested that the administration does indeed have other legal authorities to levy tariffs. The dollar was further pressured by data that showed the number of Americans filing new applications for jobless benefits rose more than expected last week. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.5; onshore one-month forward premium at 13.25 paise ** Dollar index at 99.30 ** Brent crude futures down 0.4% at $63.9 per barrel ** Ten-year U.S. note yield at 4.42% ** As per NSDL data, foreign investors bought a net $542.6 million worth of Indian shares on May. 28 ** NSDL data shows foreign investors sold a net $41.3 million worth of Indian bonds on May. 29
CTV News
4 days ago
- Business
- CTV News
'A lot of uncertainty in the market' as court rules against Trump's tariffs
Watch Trade lawyer William Pellerin breaks down the court ruling against Trump's tariffs, the White House appeal, and what could happen next.
Al Arabiya
4 days ago
- Business
- Al Arabiya
Trump tariffs blocked, Musk exits White House, and Israel expands West Bank settlement
In this episode of W News, presented by Leigh-Ann Gerrans, we unpack a major court ruling that has blocked former President Donald Trump's sweeping tariffs, with judges declaring he exceeded his authority — a decision now under appeal that's shaken global markets. Shane McGinley reacts to the White House briefing as businesses scramble for clarity, while Gemma White breaks down the market rally that followed. Elon Musk steps down from his White House role but vows to keep pushing his DOGE mission — we hear from Miami GOP Committeewoman Angie Wong. And as Israel greenlights its largest West Bank settlement expansion in decades, sparking global backlash, we speak to experts Asher Fredman and Mohammad Houari about the fallout and potential ceasefire talks in Gaza. Plus, the EU lifts economic sanctions on Syria, and we explore how a Gen Z gender divide could reshape politics in South Korea. Guests:
ABC News
4 days ago
- Business
- ABC News
What next for Trump's tariffs after US court blocks sweeping levies
A US court has deemed Donald Trump's "liberation day" tariffs illegal, in a significant setback to the president's attempts to reorder global trade. Wall Street posted gains on Thursday following the ruling, which is already being appealed by the Trump administration. The lawsuit was filed by a group of small businesses, including wine wholesaler VOS Selections, whose owner has said the tariffs could torpedo the company. Lawyers for the plaintiffs argued Donald Trump lacked legal authority to impose sweeping tariffs on America's trading partners. Here's what could happen next and what it could mean for Australia. The US president unveiled his sweeping tariff plan at the White House in early April, imposing so-called "reciprocal" levies of up to 50 per cent on some of America's biggest trading partners. Most other countries — including Australia — were subjected to a "baseline" tariff of 10 per cent, which Prime Minister Anthony Albanese slammed as "unfriendly". After suspending most of the reciprocal tariffs, the Trump administration had settled on a 10 per cent "baseline" tariffs on all imports into the US, with a higher rate levied against China. On Wednesday, three US federal trade court judges blocked the plan. Trump had overstepped his authority, they ruled, when he invoked a 1977 act — the International Emergency Economic Powers Act — to declare a national emergency and justify the tariffs. US expert at think tank Chatham House, Max Yoeli, said the court's decision puts a pause on these tariffs, but not other levies that were in place before Donald Trump's 'liberation day' announcement. "Even though it is not a complete step back from the US tariff posture, it does provide a little bit of breathing room for trading partners around the world as they try to decide how to move forward facing the threat from the United States," Mr Yoeli told ABC's The World program. The ruling, for now, means the Trump administration's levies on imports are illegal. It also raises questions about whether the central plank of Trump's second term can ever be enacted by the president alone. Many of America's trading partners, as well as many US citizens, who opposed levies will be relieved. It has been widely reported the tariffs raised the risk of higher prices for US consumers and a recession, both in the US and around the world. Former US trade official Wendy Cutler, who is now vice president at the Asia Society Policy Institute, tells AP the court's decision "throws the president's trade policy into turmoil." "Partners negotiating hard during the 90-day day tariff pause period may be tempted to hold off making further concessions to the US until there is more legal clarity," she said. It is also expected that companies will have to reassess their supply chains, perhaps speeding up shipments to the United States to offset the risk that the tariffs will be reinstated on appeal. The US Court of International Trade's civil ruling can be appealed at the US Court of Appeals, failing success there, ultimately to the Supreme Court. Of the nine Supreme Court justices, six were appointed under Republican presidents and are considered conservative-leaning. The administration has already filed a notice of appeal. Mr Yoeli said the case was "likely" to end up before the Supreme Court. "We've certainly not heard the last of it yet," he said. In the meantime, countries hoping to strike a trade deal with the US may be inclined to hold off. White House economic adviser Kevin Hassett expressed confidence that the ruling would ultimately be reversed in an interview with Fox Business on Thursday. He also said it would not get in the way of signing new trade deals. "If there are little hiccups here or there because of decisions that activist judges make, then it shouldn't just concern you at all, and it's certainly not going to affect the negotiations," he said. In a statement after the decision, the White House said it is "not for unelected judges to decide how to properly address a national emergency". It remains unclear is whether the White House will respond to the ruling by pausing all of its emergency power tariffs in the interim. Trump might still be able to temporarily launch import taxes of 15 per cent for 150 days on nations with which the US runs a substantial trade deficit. The ruling notes that a president has this authority under Section 122 of the Trade Act of 1974. Depending on whether the Trump administration executes the tariffs, the move could result in the 10 per cent tariff on Australian exports to the US being suspended. But it is noteworthy that the available legal option for Trump of 15 per cent tariffs on countries that run a substantial trade deficit with the US may not apply to Australia. According to the US Bureau of Industry and Security, the US has had a trade surplus with Australia in recent years. And while the US is not a major destination for Australian exports, an American trade war with our major trading partners — namely China — could still be felt at home. ABC/AP/Reuters
Bloomberg
4 days ago
- Business
- Bloomberg
White House Downplays Court Ruling Striking Down Tariffs
Senior White House officials downplayed the implications of a court ruling that blocked many of Donald Trump's tariff measures, and expressed confidence about an appeal. 'If anybody thinks this caught the administration by surprise, think again,' the US president's trade adviser, Peter Navarro, said. 'Nothing's really changed.' The impact of the court ruling may indeed prove limited, two of Wall Street's top investment banks cautioned, because other avenues to impose import duties can be taken. Trump's power to 'raise and escalate — it might be a little bit slower moving, but it is still there,' Michael Zezas, global head of fixed income and thematic research at Morgan Stanley, told Bloomberg TV.
