Latest news with #tradecourt
Washington Post
a day ago
- Business
- Washington Post
How a small wine company complicated Trump's sweeping tariff plans
Victor Schwartz was cooking dinner — a bottle of Vermentino wine already uncorked — when he received the news Wednesday evening. A little-known federal trade court had overturned President Donald Trump's sweeping 'Liberation Day' tariffs, which had sent shock waves through markets worldwide in recent weeks. And Schwartz's tiny wine-importing company, V.O.S. Selections in New York City, was at the center of the lawsuit that had just thwarted the White House's plans.
Reuters
2 days ago
- Business
- Reuters
Tariff strike-down widens the US omni-crisis
WASHINGTON, May 29 (Reuters Breakingviews) - The Trump administration's norm-bending ranges from the dismantling of the global trade system to defiance of the co-equal legal apparatus of the U.S. government. An international trade court ruling on Wednesday striking down sweeping tariffs imposed on trading partners threatens to combine these crises. The White House poses levies as a fix for various ills central to its agenda, making this setback critical. The range of possible outcomes now widens significantly, depending in turn on whether legal appeals succeed, how the president responds to them, or if legislators step in. Investors and firms just getting to grips with recent chaos must contend with a new bout of unpredictability. For now, the trade court's ruling, opens new tab leaves the administration 10 days to stop collecting most tariffs imposed thus far, including a 10% global retaliatory duty and separate 'national security' levies imposed on Canada, Mexico, and China. President Trump still retains significant power to ratchet fees back up, and existing tariffs on steel, aluminum and cars are unaffected. The ruling also lays out that a 1974 trade law enables temporary levies of up to 15% for up to 150 days. The administration appealed on Wednesday evening, and the urgency of the matter probably ensures speedy proceedings - after all, the first hearing in this case was just two weeks ago. The Supreme Court, the nation's top legal body, has shown the White House some deference in the past, particularly over the conduct of foreign policy. However, President Trump's response to a case over a wrongfully deported man shows that consequences can continue after pushback. Regular attacks on federal judges set a worrying precedent. It's one that's difficult for investors to price. Stock markets brutalized by Trump's initial tariff barrage had recovered after a series of climbdowns. A trade deal struck with the UK offered at least a hazy blueprint for ending the whipsaw of changeable whims, even if further agreements will be harder. And revenue from levies, reaching an all-time high of $16 billion in April, was one of few sops to concerns about bulging deficits as bond markets squirm over the rest of the president's agenda. All of this is in the air. Negotiators in Europe and elsewhere, for the moment, face a muddled counterparty. Ad hoc attempts to rebuild tariffs will take time and invite a frenzied round of lobbying. Of course, Congress could resolve the legal issue by reasserting its trade authority. The powers Trump enjoys have been delegated to him and could be revoked. Legislation, opens new tab instituting a 60-day review process for new tariffs has budding Republican support in the Senate, where seven members of the president's party have signed on. In the battle between the judicial and executive branches, the best outcome would be for the legislature to break the tie. Follow @Rubinations, opens new tab on X
CNET
2 days ago
- Business
- CNET
CNET's Daily Tariff Price Tracker: What Trump's Plans Are Doing to 11 Key Products
A trade court has ruled Trump's tariff barrage illegal but the possibility that prices could climb remains real. James Martin/CNET It's a bit of an understatement to say President Donald Trump has made tariffs one of the signature policies of his second term in the White House. Now, that plan has hit its biggest roadblock yet in court and while the tariffs remain in effect for now, their future is in doubt. The impacts they've had on prices to date, however, are not. On Wednesday evening, the three-judge panel at the New York-based US Court of International Trade ruled that Trump had overstepped the bounds of his executive branch authority with his wide-ranging tariff policy, effectively nullifying it for the time being. The court explained that Congress, with its "power of the purse," has the primary authority to impose tariffs and that the International Emergency Economic Powers Act of 1977 -- which Trump has used to justify his ability to impose them -- does not grant the president "unlimited" authority on tariffs. By Thursday, an appeals court allowed to tariffs to resume while the administration seeks a final reversal of the original ruling from the Supreme Court. The Trump administration has, unsurprisingly, decried this ruling and moved swiftly to request that the Supreme Court strike it down. We'll see how that ultimately plays out but, for now, the possibility that the president's tariff policies will lead to price hikes remains likely. That's why I'm continuing to monitor several key products you might want or need to buy soon, to keep track of the potential tariff impacts. CNET Tariff Tracker Index Above, you can check out a chart with the average price of the 11 products included in this piece over the course of 2025. This will help give you a sense of the overall price changes and fluctuations going on. Further down, you'll be able to check out charts for each individual product being tracked. In the past few weeks, Trump ramped up his clashes with companies over their reactions to his tariff agenda. For starters, he demanded that Walmart -- the largest grocery chain in the US -- eat the cost of the new import taxes after the company said its prices would go up by the summer because of his import taxes. To close out last week, he threatened Apple with a 25% duty on its products if it didn't plan to move manufacturing to the US, a prospect that has been widely dismissed as a fantasy. As I've written about before on CNET, despite these attacks from Trump, the reality of tariffs is that they will almost certainly raise everyday prices and won't bring much manufacturing stateside. We'll be updating this article regularly as prices change. It's all in the name of helping you make sense of things so be sure to check back every so often. For more, check out CNET's guide to whether you should wait to make big purchases or buy them now and get expert tips about how to prepare for a recession. Watch this: Should You Buy Now or Wait? Our Experts Weigh In on Tariffs 09:42 Methodology We're checking prices daily and will update the article and the relevant charts right away to reflect any changes. The following charts show a single bullet point for each month, with the most recent one labeled "Now" and showing the current price. For the past months, we've gone with what was the most common price for each item in the given month. In most cases, the price stats used in these graphs were pulled from Amazon using the historical price-tracker tool Keepa. For the iPhones, the prices come from Apple's official materials and are based on the 128-gigabyte base model of the latest offering for each year: the iPhone 14, iPhone 15 and iPhone 16. For the Xbox Series X, the prices were sourced from Best Buy using the tool PriceTracker. If any of these products happen to be on sale at a given time, we'll be sure to let you know and explain how those price drops differ from longer-term pricing trends that tariffs can cause. The 11 products we're tracking Mostly what we're tracking in this article are electronic devices and digital items that CNET covers in depth, like iPhones and affordable 4K TVs -- along with a typical bag of coffee, a more humble product that isn't produced in the US to any significant degree. The products featured were chosen for a few reasons: Some of them are popular and/or affordable representatives for major consumer tech categories, like smartphones, TVs and game consoles. Others are meant to represent things that consumers might buy more frequently, like printer ink or coffee beans. Some products were chosen over others because they are likely more susceptible to tariffs. Some of these products have been reviewed by CNET or have been featured in some of our best lists. Below, we'll get into more about each individual product. iPhone 16 The iPhone is the most popular smartphone brand in the US, so this was a clear priority for price tracking. The iPhone has also emerged as a major focal point for conversations about tariffs, given its popularity and its susceptibility to import taxes because of its overseas production, largely in China. Trump has reportedly been fixated on the idea that the iPhone can and should be manufactured in the US, an idea that experts have dismissed as a fantasy. Estimates have also suggested that a US-made iPhone would cost as much as $3,500. Something to note about this graph: The price listed is the one you'll see if you buy your phone through a major carrier. If you, say, buy direct from Apple or Best Buy without a carrier involved, you'll be charged an extra $30, so in some places, you might see the list price of the standard iPhone 16 listed as $830. Apple has made several moves this year to protect its prices in the US as much as possible, like flying in bulk shipments of product ahead of the tariffs taking effect and working to move production for the American market from China to India, where tariff rates are less severe. This latter move provoked a response from Trump, given his noted fixation on the iPhone, saying last week that he "had a little problem" with Tim Cook over the move, claiming without evidence that the Apple CEO pledged to bring more manufacturing to the US. Cook and others close to the company for years say that the supply chains for its products are too complex to move manufacturing entirely to the US. This week, Trump further threatened a 25% penalty rate against Apple products if it did not move manufacturing to the US. How that will play out is still unclear, but notably, foreign-made iPhones with 25% tax would still probably be much cheaper than iPhones predominantly made in the US. Duracell AA batteries A lot of the tech products in your home might boast a rechargeable energy source but individual batteries are still an everyday essential and I can tell you from experience that as soon as you forget about them, you'll be needing to restock. The Duracell AAs we're tracking are some of the bestselling batteries on Amazon. Samsung DU7200 TV Alongside smartphones, televisions are some of the most popular tech products out there, even if they're an infrequent purchase. This particular product is a popular entry-level 4K TV and was CNET's pick for best overall budget TV for 2025. Unlike a lot of tech products that have key supply lines in China, Samsung is a South Korean company so it might have some measure of tariff resistance. For most of 2025, this model has hovered around $400 but it's currently sitting at about $427. Whether this is a temporary fluctuation or a more permanent price hike, we'll let you know as time goes on. Xbox Series X Video game software and hardware are a market segment expected to be hit hard by the Trump tariffs. Microsoft's Xbox is the first console brand to see price hikes -- the company cited "market conditions" along with the rising cost of development. Most notably, this included an increase in the price of the flagship Xbox Series X, up from $500 to $600. Numerous Xbox accessories also were affected and the company also said that "certain" games will eventually see a price hike from $70 to $80. Initially, we were tracking the price of the much more popular Nintendo Switch as a representative of the gaming market. Nintendo has not yet hiked the price of its handheld-console hybrid and stressed that the $450 price tag of the upcoming Switch 2 has not yet been inflated because of tariffs. Sony, meanwhile, has so far only increased prices on its PlayStation hardware in markets outside the US. AirPods Pro 2 The latest iteration of Apple's wildly popular true-wireless earbuds are here to represent the headphone market. Much to the chagrin of the audiophiles out there, a quick look at sales charts on Amazon shows you just how much the brand dominates all headphone sales. Earlier in the year, they tended to hover around $199 on the site, a notable discount from its $249 list price. In the past month, however, its gotten closer to that price on Amazon, so if you're looking to buy a pair, you might want to consider doing it sooner rather than later. HP 962 CMY printer ink This HP printer ink includes cyan, magenta and yellow all in one product and recently saw its price jump from around $72 -- where it stayed for most of 2025 -- to $80, which is around its highest price over the last five years. We will be keeping tabs to see if this is a long-term change or a brief uptick. This product replaced Overture PLA Filament for 3D printers in this piece, but we're still tracking that item. Anker 10,000-mAh, 30-watt power bank Anker's accessories are perennially popular in the tech space and the company has already announced that some of its products will get more expensive as a direct result of tariffs. This specific product has also been featured in some of CNET's lists of the best portable chargers. While the price has remained steady throughout the year, it is currently on sale for $16 on Amazon, but only for Prime members. Bose TV speaker Soundbars have become important purchases, given the often iffy quality of the speakers built into TVs. While not the biggest or the best offering in the space, the Bose TV Speaker is one of the more affordable soundbar options out there, especially hailing from a brand as popular as Bose. This product has been one of the steadiest on this list in terms of price throughout the year, but it's currently on sale for $199, potentially as part of Amazon's Memorial Day sale. So, if you're looking for an affordable, tariff-free TV speaker, now might be the time. Oral-B Pro 1000 electric toothbrush They might be a lot more expensive than their traditional counterparts but electric toothbrushes remain a popular choice for consumers because of how well they get the job done. I know my dentist won't let up on how much I need one. This particular Oral-B offering was CNET's overall choice for the best electric toothbrush for 2025. Lenovo IdeaPad Flex 5i Chromebook Lenovo is notable among the big laptop manufacturers for being a Chinese company making its products especially susceptible to Trump's tariffs. Starbucks Ground Coffee (28-ounce bag) Coffee is included in this tracker because of its ubiquity -- I'm certainly drinking too much of it these days -- and because it's uniquely susceptible to Trump's tariff agenda. Famously, coffee beans can only be grown within a certain distance from Earth's equator, a tropical span largely outside the US and known as the "Coffee Belt." Hawaii is the only part of the US that can produce coffee beans, with data from USAFacts showing that 11.5 million pounds were harvested there in the 2022-23 season -- little more than a drop in the mug, as the US consumed 282 times that amount of coffee during that period. Making matters worse, Hawaiian coffee production has declined in the past few years. All that to say: Americans get almost all of their coffee from overseas, making it one of the most likely products to see price hikes from tariffs.
Globe and Mail
3 days ago
- Business
- Globe and Mail
US Court Blocks Trump Tariffs, Offering Brief Market Relief Amid Trade Uncertainty
Financial markets experienced temporary relief Thursday after a U.S. trade court blocked most of President Donald Trump's recent tariffs, ruling that the administration overstepped its legal authority. The surprise judgment offered momentary support to sectors hit hardest by trade disruptions, including automakers, banks, luxury brands, and semiconductor makers, although the Trump administration swiftly announced plans to appeal the Wall Street initially rallied, with index futures gaining over 1.5%, optimism faded as investors digested ongoing uncertainties around Trump's next moves and the potential for prolonged legal battles. Currency markets mirrored this cautious sentiment: the U.S. dollar's early rally against traditional havens such as the yen and Swiss franc tapered off as investors reconsidered the broader economic implications of the court Overview: U.S. trade court ruling temporarily halts broad tariff implementation. Dollar strength and stock market gains fade as uncertainty lingers. European auto, luxury, and financial sectors see initial rebound. Key Points: Court finds Trump administration exceeded authority under emergency powers act. Administration vows immediate appeal, maintaining tariff-related uncertainties. Chipmakers and banks lead initial market gains amid temporary relief. Looking Ahead: Markets brace for continued volatility as legal appeals unfold. Trade talks with major partners face delays and new complexities. Companies likely to remain cautious, delaying investments and strategic decisions. Bull Case: The U.S. Court of International Trade blocked the implementation of most of President Trump's recent tariffs, ruling that the administration exceeded its authority, which provided immediate, albeit temporary, relief to financial markets and sectors heavily impacted by trade disruptions. Stock markets, particularly in Asia and Europe, rallied on the news, with U.S. stock futures also showing significant gains, reflecting investor optimism that the ruling could slow momentum for a broader trade war. The ruling could reduce the U.S.'s average effective tariff rate significantly (e.g., from 15% to 6.5% according to one estimate), which would be a positive for U.S. consumers and businesses that bear the cost of tariffs. Sectors like automakers, banks, luxury brands, and semiconductor makers, which had been under pressure from tariff threats, saw an initial rebound in their stock prices. The court's decision might diminish President Trump's leverage in ongoing trade negotiations with key U.S. trading partners, potentially leading to more stable and predictable trade policies if upheld. The U.S. dollar initially strengthened against safe-haven currencies like the yen and Swiss franc, and oil prices rebounded, indicating a shift towards risk-on sentiment. Bear Case: The Trump administration immediately announced plans to appeal the court's ruling, indicating that the legal battle over tariffs is far from over and that market volatility is likely to persist. The initial optimism in markets faded as investors digested the ongoing uncertainties, with the U.S. dollar's rally tapering off and stock market gains becoming more modest. Analysts warn that the court's decision adds another layer of unpredictability to Trump's trade initiatives, and the administration may seek alternative legal avenues to implement tariffs, potentially leading to comparable duties under different statutes. The ruling does not affect all tariffs; for example, tariffs on foreign steel, aluminum, and autos, which were invoked under a different law, remain in place. The legal process, including appeals that could reach the Supreme Court, will take time, leaving businesses in a state of uncertainty and potentially delaying investment and strategic decisions. Even if the ruling is ultimately upheld, the broader trade tensions and the administration's focus on tariffs as a policy tool are likely to continue, creating ongoing risks for global businesses and supply chains. The situation could disrupt ongoing trade negotiations, as trading partners may be cautious and observe whether a higher court might overturn the decision, potentially delaying the finalization of trade agreements. Despite the reprieve, analysts warn that volatility is far from over, as Trump's trade strategy continues to cause upheaval for global businesses. Firms like General Motors and Ford have already abandoned financial forecasts for the year, and international companies such as Honda, Campari, Roche, and Novartis weigh shifting operations to mitigate risks from ongoing trade the face of persistent uncertainty, investors remain wary. While the court's ruling buys critical time for businesses to prepare and potentially limits the scale of tariffs temporarily, market volatility will likely remain heightened, with many participants prepared for renewed disruptions as Trump's appeal process unfolds.
E&E News
3 days ago
- Business
- E&E News
Judges block Trump tariffs; appeals court intervenes
The legal case against President Donald Trump's tariffs is mounting, with two federal courts ruling that his novel approach of imposing sweeping tariffs on imported goods is illegal. Late Wednesday, a three-judge panel on the U.S. Court of International Trade issued an order permanently blocking Trump's tariffs. 'There is no question here of narrowly tailored relief; if the challenged Tariff Orders are unlawful as to Plaintiffs they are unlawful as to all,' the trade court wrote in an unsigned opinion. Advertisement But the effect of the decision is on hold, after a federal appeals court Thursday temporarily blocked the decision from going into effect.
