Latest news with #importduties
Bloomberg
3 days ago
- Business
- Bloomberg
Palm Oil Jumps on Demand Prospects After India Cuts Import Duty
Palm oil climbed to the highest level in almost three weeks on expectations for higher demand after top buyer India cut import duties. Futures in Kuala Lumpur rose as much as 2.6% after India announced on Friday a reduction to levies on edible oils including palm and sunflower in an effort to lower retail prices. The market was closed on Monday for a holiday.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Trump's tariffs stay in place for now, after appellate ruling
Donald Trump unveiled sweeping import duties in April, including higher levies on dozens of economies like China and the EU. (AP pic) WASHINGTON : US President Donald Trump on Thursday won a temporary reprieve for his aggressive tariff strategy, with an appeals court preserving his sweeping import duties on China and other trading partners – for now. The short-term relief will allow for an appeals process to proceed, after the Court of International Trade on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority. Since returning to the presidency in January, Trump has moved to reconfigure US trade ties with the world while using levies to force foreign governments to the negotiating table. But the stop-start tariff rollout, impacting both allies and adversaries, has roiled markets and snarled supply chains. Prior to Thursday's decision from the US Court of Appeals for the Federal Circuit, known as an administrative stay, the White House was given 10 days to halt affected tariffs. The Trump administration called the ruling 'blatantly wrong,' filing an appeal and expressing confidence that the decision would be overturned. White House spokeswoman Karoline Leavitt told reporters that the judges 'brazenly abused their judicial power to usurp the authority of President Trump.' Leavitt said the Supreme Court 'must put an end' to the tariff challenge, while stressing that Trump has other legal means to impose levies. 'Hiccups' Kevin Hassett, director of the National Economic Council, told Fox Business that 'hiccups' sparked by the decisions of 'activist judges' would not affect talks with trading partners, adding that three deals are close to finalisation. Trump's trade advisor Peter Navarro told reporters after the appellate ruling that the administration had received 'plenty of phone calls from countries' who said they would continue to 'negotiate in good faith,' without naming those nations. Trump's import levies are aimed at punishing economies that sell more to the US than they buy. The president has argued that trade deficits and the threat posed by drug smuggling constituted a 'national emergency' that justified the widespread tariffs – which the Court of International Trade ruled against. Trump unveiled sweeping import duties on nearly all trading partners in April, at a baseline 10% – plus steeper levies on dozens of economies including China and the EU, which have since been paused. The US trade court's Wednesday ruling quashed these blanket duties, alongside those that Trump imposed on Canada, Mexico and China separately using emergency powers. But it left intact 25% duties on imported autos, steel and aluminum. Beijing – which was hit by additional 145% tariffs before they were temporarily reduced to make space for negotiations – reacted to the trade court decision by saying Washington should scrap the levies. 'China urges the US to heed the rational voices from the international community and domestic stakeholders and fully cancel the wrongful unilateral tariff measures,' said commerce ministry spokeswoman He Yongqian. Asian markets rallied Thursday, US indexes closed higher while Europe closed slightly down. 'Extraordinary threat' The federal trade court was ruling in two separate cases – brought by businesses and a coalition of state governments – arguing that the president had violated Congress's power of the purse. The judges said the cases rested on whether the International Emergency Economic Powers Act of 1977 (IEEPA) delegates such powers to the president 'in the form of authority to impose unlimited tariffs on goods from nearly every country in the world.' The judges stated that any interpretation of the IEEPA that 'delegates unlimited tariff authority is unconstitutional.' Analysts at London-based research group Capital Economics said the case may end up with the Supreme Court, but would likely not mark the end of the tariff war.
National Post
3 days ago
- Business
- National Post
U.S. counter-tariffs help Canada bank $617M more in import duties than last March
Article content Ottawa collected an extra $617 million in import duties this past March compared to a year earlier as counter-tariffs against U.S. trade restrictions came into effect. Article content Article content The federal government's latest fiscal monitor report, published late last week, shows revenues from customs import duties topped $1 billion in March, more than double the figure from a year earlier. Article content Article content In March, the federal government slapped retaliatory tariffs on billions of dollars in U.S. goods entering Canada — costs that are paid by Canadian businesses importing the items. Article content Article content
CTV News
3 days ago
- Business
- CTV News
Ottawa collects extra $617M from import duties in March as counter-tariffs hit U.S.
The Peace Tower on Parliament Hill in Ottawa is seen past construction cranes on Sunday, May 25, 2025. THE CANADIAN PRESS/Justin Tang OTTAWA — Ottawa collected an extra $617 million in import duties this past March compared to a year earlier as counter-tariffs against U.S. trade restrictions came into effect. The federal government's latest fiscal monitor report, published late last week, shows revenues from customs import duties topped $1 billion in March, more than double the figure from a year earlier. In March the federal government slapped retaliatory tariffs on billions of dollars in U.S. goods entering Canada — costs that are paid by Canadian businesses importing the items. The Liberal party projected during the recent federal election campaign that counter-tariffs against the United States would raise an estimated $20 billion over 12 months. Finance Minister François-Philippe Champagne said in an interview with CBC last week that the figure in the Liberal platform was 'a projection at a moment in time' and noted the tariff situation has been changing rapidly. The Liberals are forgoing publishing a spring budget but have promised a fiscal update in the fall. This report by The Canadian Press was first published June 2, 2025. Craig Lord, The Canadian Press
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Trump's New Tariff Hike Roils Global Steel Stocks
Steel rebar being used to construct a condo tower in Miami. President Trump plans to double duties on steel and aluminum imports. ()
