President Donald Trump’s recent sweeping tariffs were suspended by a federal court ruling earlier in the day. However, later that day, the U.S. Court of Appeals temporarily halted the decision, paving the way for the tariffs to be reimposed.
The Court of International Trade ruled that the customs duties declared by Trump under the “emergency law” for almost the entire world had insufficient legal basis. The court halted the customs duties, stating that the White House could not create such a comprehensive trade policy within the framework of the law.
The Trump administration quickly appealed the decision, and the Court of Appeals said it needed time to consider the appeals and ruled that the tariffs should remain in effect during this period.
White House Economic Adviser Kevin Hassett welcomed the decision, telling Fox Business: “Ad hoc decisions by activist judges will not derail our trade policy.”
Trump’s trade advisor Peter Navarro said that if the tariffs cannot be maintained, they could be reimposed through other legal means.
Tariffs are at the heart of Trump’s foreign trade policy, with the administration aiming to bring major economic giants such as the European Union, China, India and Japan to the table for new deals.
*This is not investment advice.
Read the full article here
