Intel stock extends gains after report of possible U.S. government stake
Investing.com-- U.S. President Donald Trump’s trade tariffs can remain in place for now, a federal appeals court ordered on Tuesday, allowing the president to keep one of his flagship economic policies.
The U.S. Court of Appeals for the Federal Circuit issued an order extending an earlier, short-term allowance for Trump’s tariffs, after the White House challenged a ruling by a federal trade court that blocked the levies.
The court argued that concerns raised by U.S. officials over ongoing trade negotiations largely outweighed the potential economic harm from Trump’s tariffs, as raised by the small businesses that had challenged the president’s tariffs.
Still, the court was reviewing the trade court’s ruling that Trump exceeded his authority by threatening steep “liberation day” tariffs on most major U.S. trading partners.
The ruling refers chiefly to Trump’s liberation day tariffs and other duties imposed by the president using emergency powers. It has no bearing on Trump’s tariffs on steel and aluminum imports.
Trump’s tariffs were briefly blocked by a federal trade court in late-May, although the White House had immediately appealed the decision. The trade court ruling was on a lawsuit filed by several small businesses, who argued that Trump did not have sufficient ground to declare an economic emergency, and that his tariffs would severely hamper their operations.
Trump had in early-April unveiled plans to impose steep trade tariffs on major global economies, with the goal of bringing down the U.S. trade deficit. But he had shortly after postponed most of his tariffs by 90 days, with global economies now facing a July deadline for a U.S. trade deal.