The China Mail - US court blocks tariffs in major setback for Trump

USD -
AED 3.672997
AFN 64.99994
ALL 81.925024
AMD 362.820306
ANG 1.790365
AOA 916.99953
ARS 1524.814897
AUD 1.443097
AWG 1.8
AZN 1.700406
BAM 1.733158
BBD 2.015756
BDT 123.052656
BGN 1.683441
BHD 0.37702
BIF 2995
BMD 1
BND 1.281424
BOB 12.054428
BRL 5.218203
BSD 1.000833
BTN 96.45446
BWP 14.158233
BYN 3.014683
BYR 19600
BZD 2.012832
CAD 1.422025
CDF 2310.000381
CHF 0.831595
CLF 0.024862
CLP 981.70977
CNY 6.704598
CNH 6.71585
COP 3320.28
CRC 457.240078
CUC 1
CUP 24.018396
CVE 97.712812
CZK 21.7469
DJF 177.719711
DKK 6.64818
DOP 59.649878
DZD 133.649647
EGP 52.3194
ERN 15
ETB 163.475001
EUR 0.88935
FJD 2.252798
FKP 0.753812
GBP 0.757863
GEL 2.595018
GGP 0.753812
GHS 11.715008
GIP 0.753812
GMD 73.516576
GNF 8754.999849
GTQ 7.645479
GYD 209.346324
HKD 7.84708
HNL 26.865513
HRK 6.702099
HTG 130.978015
HUF 327.9005
IDR 17942.8
ILS 3.086099
IMP 0.753812
INR 96.09635
IQD 1310
IRR 1746539.000347
ISK 121.87041
JEP 0.753812
JMD 157.630753
JOD 0.709021
JPY 158.163005
KES 129.750032
KGS 87.447002
KHR 4053.132006
KMF 434.999516
KPW 900.000318
KRW 1359.799275
KWD 0.30888
KYD 0.834057
KZT 443.471634
LAK 22442.975382
LBP 89622.18589
LKR 330.728128
LRD 171.587828
LSL 16.694967
LTL 2.95274
LVL 0.60489
LYD 6.411393
MAD 9.760381
MDL 17.819861
MGA 4419.297095
MKD 54.561083
MMK 2099.783199
MNT 3598.053803
MOP 8.089432
MRU 40.068766
MUR 47.820222
MVR 15.459928
MWK 1735.373872
MXN 18.301203
MYR 4.084605
MZN 63.90389
NAD 16.694984
NGN 1328.679673
NIO 36.828953
NOK 9.58861
NPR 154.325085
NZD 1.785208
OMR 0.384504
PAB 1.000833
PEN 3.453202
PGK 4.464491
PHP 62.795499
PKR 277.237331
PLN 3.89312
PYG 5831.841625
QAR 3.648069
RON 4.753294
RSD 104.537973
RUB 83.374109
RWF 1476.791379
SAR 3.756193
SBD 8.064852
SCR 13.769888
SDG 601.502245
SEK 10.049794
SGD 1.2802
SHP 0.754575
SLE 24.600999
SLL 20969.491881
SOS 571.929887
SRD 37.672502
STD 20697.981008
STN 21.711004
SVC 8.757067
SYP 13002.000254
SZL 16.694979
THB 33.659686
TJS 9.217388
TMT 3.51
TND 2.997002
TOP 2.40776
TRY 49.093402
TTD 6.789784
TWD 31.903903
TZS 2635.004027
UAH 44.939475
UGX 3973.556883
UYU 40.28499
UZS 11829.395814
VES 859.10005
VND 25982
VUV 119.747847
WST 2.7762
XAF 583.375553
XAG 0.016394
XAU 0.000239382489
XCD 2.70255
XCG 1.803617
XDR 0.707052
XOF 583.375553
XPF 105.684789
YER 236.375004
ZAR 16.695503
ZMK 9001.196697
ZMW 19.680804
ZWL 321.999592
SSP 5712.591899
MXV 2.071202
  • RYCEF

    0.4000

    19.71

    +2.03%

  • CMSC

    0.0000

    20.4

    0%

  • BTI

    0.4200

    56.05

    +0.75%

  • BP

    0.2800

    44.43

    +0.63%

  • RBGPF

    1.6000

    67

    +2.39%

  • RIO

    -0.1500

    94.41

    -0.16%

  • AZN

    -0.4300

    166.15

    -0.26%

  • GSK

    0.4600

    49.7

    +0.93%

  • BCE

    -0.4100

    20.56

    -1.99%

  • NGG

    -0.2500

    75.24

    -0.33%

  • VOD

    -0.0400

    16.58

    -0.24%

  • RELX

    -0.4500

    33.07

    -1.36%

  • BCC

    -0.5500

    76.59

    -0.72%

  • CMSD

    -0.0300

    20.27

    -0.15%

  • JRI

    -0.2500

    10.77

    -2.32%

US court blocks tariffs in major setback for Trump
US court blocks tariffs in major setback for Trump / Photo: © AFP/File

US court blocks tariffs in major setback for Trump

A US federal court blocked most of President Donald Trump's sweeping tariffs, boosting markets Thursday with a ruling that could derail his trade strategy.

Text size:

The opinion marks a significant setback to Trump as he bids to redraw the US trading relationship with the world by forcing governments to the negotiating table through tough new tariffs.

Trump's global trade war has roiled financial markets with a stop-start rollout of import levies aimed at punishing economies that sell more to the United States than they buy.

Trump argued that the resulting trade deficits and the threat posed by the influx of drugs constituted a "national emergency" that justified widespread tariffs.

But the three-judge Court of International Trade ruled Wednesday that Trump had overstepped his authority, and barred most of the duties announced since he took office in January.

Attorneys for the Trump administration promptly filed an appeal against the ruling, which gave the White House 10 days to complete the bureaucratic process of halting the tariffs.

"It is not for unelected judges to decide how to properly address a national emergency," White House spokesman Kush Desai said in a statement.

"President Trump pledged to put America first, and the administration is committed to using every lever of executive power to address this crisis and restore American greatness," Desai said.

- China: 'cancel wrongful tariffs' -

The ruling comes as Trump was using the tariffs as leverage in trade negotiations with friends and foes, including the European Union and China.

Beijing -- which was hit by 145 percent tariffs before they were sharply reduced to give space for negotiations -- reacted to the court ruling by saying the United States should scrap the levies.

"China urges the United States 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.

Japan's tariffs envoy Ryosei Akazawa said as he left for a fourth round of talks in Washington that Tokyo -- reeling from tariffs on cars -- would study the ruling.

Trump unveiled sweeping import duties on nearly all trading partners on April 2, at a baseline 10 percent, plus steeper levies on dozens of economies, including China and the European Union.

The US court's ruling also quashes duties that Trump imposed on Canada, Mexico and China separately using emergency powers.

But it leaves 25-percent duties on the auto, steel and aluminum industries intact.

Some of the turmoil was calmed after Trump paused the larger tariffs for 90 days pending negotiations.

Asian markets rallied on Thursday and US futures pointed to early gains, but Europe was mixed, with London in the red while Paris and Frankfurt rose.

The ruling "throws into disarray several trade deals that have already been agreed, and those that are still in the negotiation phase," said Kathleen Brooks, research director at XTB brokerage firm.

- '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) delegate such powers to the president "in the form of authority to impose unlimited tariffs on goods from nearly every country in the world."

"The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder."

The judges stated that any interpretation of the IEEPA that "delegates unlimited tariff authority is unconstitutional."

Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, said the ruling confirmed that "these tariffs are an illegal abuse of executive power."

"Trump's declaration of a bogus national emergency to justify his global trade war was an absurd and unlawful use of IEEPA," he said.

White House aide Stephen Miller called it a "judicial coup."

Analysts at London-based research group Capital Economics said the case may end up in the hands of the Supreme Court.

"But it would be unlikely to mark the end of the tariff war given the various other routes through which the Trump administration could impose tariffs," they said, noting that the US president could explore other sections of US law or seek congressional approval for tariffs.

burs-stu-lth/rmb

Z.Huang--ThChM