Latest news with #trade
Al Arabiya
35 minutes ago
- Business
- Al Arabiya
What comes next in Trump's legal battle over tariffs?
A US federal appeals court has temporarily halted a ruling that found many of President Donald Trump's tariffs illegal, but the chance it could ultimately back the original decision looms over the White House. What is in the US Court of International Trade's original ruling—which the Trump administration is appealing—and what options does the administration have? Which tariffs were affected? The three-judge trade court ruled Wednesday that Trump overstepped his authority in imposing blanket tariffs by invoking emergency economic powers. The judgment—although temporarily halted—affected levies unveiled on April 2, which involve a 10 percent tariff on most trading partners and higher rates on dozens of economies including China and the European Union. These higher levels are currently suspended while negotiations take place. The ruling also applies to tariffs imposed on Canada, Mexico, and China over their alleged roles in allowing an influx of drugs into the United States. But it left intact sector-specific levies like those on steel, aluminum, and auto imports. Why a pause? The ruling by the little-known court, which has nationwide jurisdiction over tariff and trade disputes, initially gave the White House 10 days to complete the process of unwinding the levies. But the US Court of Appeals for the Federal Circuit on Thursday granted a temporary stay 'until further notice' while the Trump administration's appeals process plays out. This means the tariffs can remain in effect for now, while a longer-term outcome is yet to be determined. National Economic Council Director Kevin Hassett told Fox News the administration is 'very pleased with the ruling,' dubbing it a victory. What are Trump's alternatives? The appeals court could eventually uphold the trade court's original decision to block Trump's sweeping tariffs. The president, however, has other means to reinstate his tariff agenda, said Thibault Denamiel, a fellow at the Center for Strategic and International Studies. These include Section 122 of the Trade Act of 1974, 'which is intended to deal with a balance of payments emergency but does not require a formal investigation,' Denamiel told AFP. The authority restricts tariffs to 15 percent and they can only last 150 days. But it is among the policy levers that Trump could pull as he seeks a 'bridge' toward more lasting actions, said KPMG Chief Economist Diane Swonk. Another option is Section 338 of the Trade Act of 1930, allowing the administration to impose tariffs of up to 50 percent on countries that discriminate against the United States, Denamiel said. Does this affect trade talks? The US trade court's ruling did not remove the threat of US tariffs for Europe or end the need for negotiations, said Andrew Kenningham, Chief Europe Economist at Capital Economics. This is because the threat of reciprocal tariffs remains if the White House wins its appeal, he said. Trump could also turn to sector-specific means as he did in his first term or seek congressional approval for tariffs, though this is less likely, Kenningham said. It is not clear if negotiations will lose steam, Swonk added, given that the administration wants to leverage the threat of tariffs 'very aggressively.' Even if the original ruling is eventually upheld, US officials could still buy time to exert pressure on other economies including the European Union and China. What about the broader economy? The court process 'introduces greater ambiguity around the future direction of US trade policy,' especially because the appeal is ongoing, said EY Chief Economist Gregory Daco. 'This legal development amplifies longer-lasting uncertainty for businesses navigating cross-border supply chains,' he added in a note. US stocks closed higher Thursday, but economic fallout has already occurred in recent months with Trump's see-sawing approach to unveiling tariffs and pausing them selectively. Financial markets have been roiled by policy shifts, and shipping halts due to high tariffs bring disruptions that cannot be cleared overnight, analysts said. 'The fate of the economy remains precarious even if we avert a recession,' Swonk said on social media.
Arab News
36 minutes ago
- Business
- Arab News
Trump administration considers allowing tariffs of up to 15 percent for 150 days, WSJ reports
President Donald Trump's administration is considering a stopgap effort to impose tariffs on large parts of the global economy under an existing law that includes language allowing for tariffs of up to 15 percent for 150 days, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The administration has not made a final decision and it could wait to impose any plans after a federal appeals court on Thursday temporarily reinstated the most sweeping of Trump's tariffs following a trade court ruling to immediately block them, the report added.
Russia Today
36 minutes ago
- Business
- Russia Today
Eurasian Economic Union will never bully its members
Fair and equitable treatment of all members is the cornerstone of the Eurasian Economic Union (EAEU), Russian Deputy Foreign Minister Aleksandr Pankin has said. The bloc, which currently includes Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan, was founded in 2014. Speaking to the Eurasian Dialogue podcast on Thursday, Pankin said the EAEU remains focused on raising living standards and fostering business ties. 'Conflicts are being resolved through genuinely equal dialogue. The EAEU operates on the principle of consensus, meaning that members reach compromises which reflect and serve the interests of all parties. No one benefits at the expense of another,' the diplomat said. 'Nobody is being forced to stay. Everyone understands that within the EAEU, the interests of nations with smaller economies are taken into account more than they would be in any other framework,' he added. 'The EAEU is neither a burden nor a shackle – this is evident from the fact that all members are fully free to trade with other regions. No one is required to limit themselves to autarkic trade within the bloc or to invest only inside it. We do not operate a planned economy with quotas and regional specializations like in the Soviet era. Instead, all members compete with one another in a shared common market,' Pankin explained. According to the Russian Foreign Ministry, the combined GDP of all EAEU members has reached $2.6 trillion over the past decade. The organization has trade agreements with Serbia, Vietnam, and Iran, and is currently negotiating with Mongolia and the UAE. In an interview published by Rossiyskaya Gazeta on Wednesday, Russian Deputy Prime Minister Aleksey Overchuk said that more countries are likely to see the EAEU as 'a safe haven' amid trade wars and rising international tensions.
News.com.au
43 minutes ago
- Business
- News.com.au
Lunch Wrap: ASX walks tightrope; lawsuit number two looms for Paladin
Trump tariffs back on, but ASX inches higher HealthCo soars on Healthscope rent deal Paladin sued again, Viva dips, NRW wins Rio job The ASX opened Friday on a mood swing, with the ASX 200 Index bouncing between gains and losses before inching higher by 0.1% by about 1pm, AEST. Investors had gone to bed hoping Trump's global tariff campaign had been buried for good, but woke up to find it very much still kicking. Just yesterday, markets were cheering a US trade court decision that slapped down a big chunk of Trump's tariff agenda. The court ruled that the president had overstepped his authority under the International Emergency Economic Powers Act (IEEPA) by slapping tariffs on dozens of nations. Judges made it clear: it wasn't about whether tariffs were smart or dumb, the law just didn't back him. But before markets could even finish the victory lap, a higher court threw the brakes on the celebration. The US Court of Appeals stepped in with a temporary stay, meaning Trump's tariffs are still alive, at least for now. Trump's trade adviser Peter Navarro declared the tariffs are 'alive, well, healthy,' while White House press secretary Karoline Leavitt warned the Supreme Court may need to step in to protect presidential powers. Despite the chaos and a string of flashing red lights from the US economy - which includes data showing US GDP shrinking by 0.2% in Q1 - Wall Street still managed to close in the green last night. Bond yields fell, though, as traders started betting on Fed rate cuts. Meanwhile in a private White House chat, Trump met with Fed chair Jerome Powell and reportedly urged him to cut interest rates. Powell apparently reminded the president that decisions would depend on data, not tweets. To the ASX, 5 of 11 sectors were flashing red this morning. Energy stocks led the losers as oil prices slipped. Gold stocks however rallied as bullion found new sparkle, driven by tariff uncertainty and fresh US jobless data. In large caps news, Paladin Energy (ASX:PDN) is under fire again, with a second class action on the way over how it handled production guidance at its Langer Heinrich uranium mine in Namibia. The Banton Group is gearing up to file this time. The first class action was filed by Slater and Gordon on April 16, essentially on similar claims. Viva Energy (ASX:VEA) got the green light from Victoria to move ahead with its Geelong LNG terminal. But despite the tick of approval, Viva shares dipped 2%. And still in large caps, mining services firm NRW Holdings (ASX:NWH) climbed 1% after its subsidiary Primero scored a $157 million deal to build infrastructure at Rio Tinto (ASX:RIO) 's Hope Downs mine in the Pilbara. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for May 30 : Security Description Last % Volume MktCap PRM Prominence Energy 0.004 100% 9,000 $778,353 ERL Empire Resources 0.005 67% 319,668 $4,451,740 CR9 Corellares 0.003 50% 412,320 $2,011,213 ASP Aspermont Limited 0.007 40% 1,209,102 $12,365,938 TAS Tasman Resources Ltd 0.025 39% 455,510 $3,314,567 CZN Corazon Ltd 0.002 33% 700,000 $1,776,858 GMN Gold Mountain Ltd 0.002 33% 296,327 $8,429,639 SHP South Harz Potash 0.004 33% 404,999 $3,308,186 LOC Locatetechnologies 0.090 29% 352,514 $14,083,568 AYT Austin Metals Ltd 0.005 25% 198,136 $6,296,765 BYH Bryah Resources Ltd 0.005 25% 599,251 $3,479,814 ECT Env Clean Tech Ltd. 0.003 25% 159,004 $8,013,537 OVT Ovanti Limited 0.003 25% 507,500 $5,587,030 PRX Prodigy Gold NL 0.003 25% 1,000,000 $6,350,111 RGL Riversgold 0.005 25% 189,093 $6,734,850 TEM Tempest Minerals 0.005 25% 421,040 $2,938,119 VML Vital Metals Limited 0.003 25% 494,000 $11,790,134 VRC Volt Resources Ltd 0.005 25% 1,155,003 $18,739,112 WBE Whitebark Energy 0.005 25% 100,000 $2,749,334 NHE Nobleheliumlimited 0.011 22% 557,421 $5,395,725 OLL Openlearning 0.018 20% 145,461 $7,240,120 AZL Arizona Lithium Ltd 0.006 20% 3,857,357 $26,351,572 PIL Peppermint Inv Ltd 0.003 20% 200,000 $5,690,224 LKY Locksleyresources 0.079 20% 28,480,896 $9,680,000 CC5 Clever Culture 0.019 19% 5,784,516 $28,252,645 Mining media company Aspermont (ASX:ASP) has clocked up its 35th straight quarter of subscription growth, with subs now making up 75% of total revenue. Recurring subscription revenue hit $11.2 million, up 4% year-on-year, while overall group revenue dipped 6% to $6.7 million. EBITDA was negative, but the company is still debt-free and sitting on $700k in cash. Tempest Minerals (ASX:TEM) has tightened up sampling at its Sanity gold target in WA's Yalgoo project, and the results are looking promising. By increasing the sample density, it's sharpened the definition of a strong and continuous gold anomaly, pointing to the potential for a large-scale mineralised system. TEM says Sanity sits in a juicy bit of ground, backed by rock chips grading as high as 7g/t gold. Healthco Healthcare and Wellness REIT (ASX:HCW) surged after striking a lifeline deal with troubled hospital operator Healthscope and its receivers, agreeing to partially defer rent payments across several properties. That deal helped settle nerves about HealthCo's income stream and brought a bit of clarity to an otherwise messy situation. Investors clearly liked the look of the stabilised cash flow, and piled in fast. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for May 30 : Code Name Price % Change Volume Market Cap BLZ Blaze Minerals Ltd 0.002 -33% 142,857 $4,700,843 AOA Ausmon Resorces 0.002 -25% 357,633 $2,622,427 BMO Bastion Minerals 0.002 -25% 500,000 $1,807,255 RAN Range International 0.002 -25% 3,198,946 $1,878,581 MGA Metalsgrovemining 0.061 -25% 50,000 $8,539,020 WNX Wellnex Life Ltd 0.300 -22% 47,583 $26,092,038 AVE Avecho Biotech Ltd 0.004 -20% 1,597,010 $15,867,318 EVR Ev Resources Ltd 0.004 -20% 519,000 $9,929,183 PLC Premier1 Lithium Ltd 0.009 -18% 1,932,215 $4,048,666 REZ Resourc & En Grp Ltd 0.015 -17% 492,052 $12,089,504 DAF Discovery Alaska Ltd 0.010 -17% 25,000 $2,810,816 KPO Kalina Power Limited 0.005 -17% 2,468,473 $17,597,818 OEL Otto Energy Limited 0.005 -17% 888,386 $28,770,059 TEG Triangle Energy Ltd 0.003 -17% 500,999 $6,267,702 CML Connected Minerals 0.130 -16% 10,139 $6,410,523 ADG Adelong Gold Limited 0.006 -14% 59,334,827 $9,782,403 OM1 Omnia Metals Group 0.012 -14% 820,682 $3,039,284 QXR Qx Resources Limited 0.003 -14% 700,000 $4,586,151 SRJ SRJ Technologies 0.013 -13% 15,005 $9,083,671 1CG One Click Group Ltd 0.007 -13% 398,955 $9,423,039 AX8 Accelerate Resources 0.007 -13% 235,331 $6,377,510 HFY Hubify Ltd 0.007 -13% 43,849 $4,089,090 CRD Conradasiaenergyltd 0.620 -12% 158,139 $132,939,151 DBO Diabloresources 0.015 -12% 58,660 $2,296,970 IN CASE YOU MISSED IT Stockhead's Tylah Tully looks at White Cliff Minerals' (ASX:WCN) exploration at Danvers, where continuous, high-grade copper and silver mineralisation at surface has been confirmed. Tylah also breaks down the latest from West Coast Silver (ASX:WCE),which has started drilling to test extensions of known high-grade mineralisation at its Elizabeth Hill project in Western Australia. At Stockhead, we tell it like it is. While White Cliff Minerals and West Coast Silver are Stockhead advertisers, they did not sponsor this article.
ABC News
an hour ago
- Business
- ABC News
Appeals court temporarily reinstates Trump's tariffs
The Trump administration has won a reprieve after a US appeals court temporarily reinstated the president's tariffs, a day after the Court of International Trade ruled he'd overstepped his authority.
