A federal court ruling on Donald Trump’s global tariffs, which found that the president “exceeded his authority” when he imposed his so-called “Liberation Day” levies last month, was temporarily halted on appeal.
Trump’s deputy chief of staff, Stephen Miller, accused the court of a “judicial coup,” while White House spokesman Kush Desai savaged the court’s decision in a statement, saying it was not for “unelected judges to decide how to properly address a national emergency.”
The U.S. Court of International Trade’s ruling also struck down the tariffs imposed by Trump on imports from Mexico, Canada, and China, supposedly aimed at combating fentanyl and drug trafficking from those countries.
In New York, Wall Street opened slightly higher on the news, although across the Atlantic, the FTSE in London remained largely flat, indicating that more uncertainty may be expected by traders. As the trading day continued, the Dow Jones also leveled out.
The bombshell decision, which undermined major elements of Trump’s trade policy, arose in response to a lawsuit in which the attorneys general of twelve states and several small American companies urged the court to strike down the import taxes on the grounds that Trump had exceeded his authority.
Key Points
- Appeals court temporarily halts ruling against Trump tariffs
- US court rules Trump 'exceeded his authority' on tariffs
- White House officials blast tariff judgement as a ‘judicial coup’
- Former Trump adviser says it's 'dangerous' for president to impose taxes unilaterally
- Analysis: Legal ruling against Trump’s tariffs were inevitable
Our live coverage has ended. Here's a full breakdown:
00:09 , Gustaf Kilander
Trump’s tariffs are back on for now as he fights court ruling, appeals panel rules
US court rules Trump 'exceeded his authority' on tariffs
07:20 , Angus ThompsonA federal trade court on Wednesday blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.
The ruling from a three-judge panel came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.
Tariffs must typically be approved by Congress, but Trump has says he has the power to act because the country’s trade deficits amount to a national emergency.
He imposed tariffs on most of the countries in the world at one point, sending markets reeling.
In an unsigned opinion released Wednesday, the judges ruled the tariffs will be “vacated,” and they “permanently enjoined” the government from enforcing them.
What did the court say?
07:25 , Andrew Feinberg, Gustaf KilanderThe court noted that Trump’s tariffs exceed the authority Congress granted to presidents under his cited International Emergency Economic Powers Act, a 1977 law which lays out how the executive can impose import taxes in limited circumstances pursuant to a national emergency.
The judges said Trump’s “Liberation Day” tariffs, which set a 10 per cent baseline tax on all imports and even higher taxes on imports from nearly every one of America’s trading partners, “exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs.”
They also rejected Trump’s use of the emergency powers to tax Mexican, Canadian and Chinese imports because those tariffs don’t specifically “deal with an unusual and extraordinary threat with respect to which a national emergency has been declared,” as required by law.
The court rejected the Trump administration's arguments that claimed the president had broad authority in the current situation to impose tariffs under his emergency powers.
“An unlimited delegation of tariff authority would constitute an improper abdication of legislative power to another branch of government,” the judges noted, noting that “any interpretation of IEEPA that delegates unlimited tariff authority is unconstitutional.”
White House blasts 'unelected judges' over major ruling
07:27 , Angus ThompsonA White House spokesperson, Kush Desai, savaged the ruling in a statement in which he claimed that the court had not disputed the fact that “foreign countries’ nonreciprocal treatment of the United States” had “ fuelled America’s historic and persistent trade deficits”.
He said that had in turn “created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base.”
It’s not for “unelected judges to decide how to properly address a national emergency.
“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,” he said.
Five other legal challenges to Trump’s tariffs are pending
07:44 , Tom WatlingAs news breaks that a US court has ruled Donald Trump’s tariffs illegal, we bring you news that at least five other legal challenges to the tariffs remain pending.
Oregon Attorney General Dan Rayfield, a Democrat whose office is leading the states' lawsuit, called Trump's tariffs unlawful, reckless and economically devastating.
“This ruling reaffirms that our laws matter, and that trade decisions can’t be made on the president’s whim,” Rayfield said in a statement.
Oregon led a coalition of 12 states that asked the court last week to issue a permanent injunction that would halt Trump’s tariffs.
How are the Asian markets reacting?
07:47 , Tom WatlingAsia’s markets were the first to react to the overnight news that the US Court of International Trade had ruled against Donald Trump’s widespread tariff action.
Japan's Nikkei 225 index jumped 1.5 per cent to 38,263.36. America's largest ally in Asia has been appealing to Trump to cancel the tariffs he has imposed on imports from Japan and also to halt the 25 per cent tariffs on steel, aluminium, and autos.
The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 146.06 yen early Thursday, up from 144.87 yen late Wednesday.
Australia's S&P/ASX 200 gained 0.3 per cent to 8,418.90.
In South Korea, which, like Japan, relies heavily on exports to the US, the Kospi surged 1.4 per cent to 2,707.77. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75 per cent, to ease pressure on the economy.
US futures jump after court rules against Trump
07:53 , Tom WatlingBelow, you can read a full breakdown of how the markets reacted in the US and abroad to the news that Donald Trump’s tariffs have been found illegal by an American court.
US trade court rules Trump exceeded his authority with ‘Liberation Day’ tariffs
Analysis: Legal ruling against Trump’s tariffs were inevitable
08:19 , David MaddoxPolitical editor David Maddox writes:
While Keir Starmer and the rest of the world’s leaders were rapidly trying to respond to the “liberation day” tariffs imposed by Donald Trump earlier this year, calmer, more measured voices in Washington were warning that the US president would not be able to go through with them.
Never mind that Trump came within hours of having his own Liz Truss moment with a meltdown on the bond markets before treasury secretary Scott Bessent persuaded him to suspend the tariffs just in time. It is understood that this was only achieved because Bessent’s co-conspirator managed to distract Trump’s tariff guru Peter Navarro and keep him away from the president long enough.
The real issue, as pointed out by the Heritage Foundation’s trade expert Andrew Hale, was that Trump never had the monarchical powers to impose these tariffs without legislation from Congress. The US Constitution, with its checks and balances, specifically prevents presidents from acting like tyrants on a whim.
Trump was relying on the emergency powers act which does not even mention the word “tariffs” within it. Added to that it is hard to justify why Canadian maple syrup, Scotch whisky or foreign films should constitute a national emergency.
So the legal ruling yesterday - now subject to appeals - was inevitable and is likely to be upheld in higher courts, probably all the way to the Supreme Court.
What this means though is that the series of trade negotiations, including the one already signed by the US and UK, are in chaos. Do the terms Trump imposed even still apply? It seems not.
In the best-case scenario for Starmer, the UK now has better trading terms with the US minus the 10 per cent tariffs.
But the reckless shock tactics on the global trading system initiated by Trump has now only led to more uncertainty and confusion with this legal ruling.
What is the Court of International Trade?
08:33 , Rachel ClunUnlike the Supreme Court, many people won’t have heard of the United States Court of International Trade until very recently, thanks to its ruling over the president’s tariffs.
Here’s a bit about the court, what it does, and who runs it.
The Court of International Trade, established in 1890, has federal jurisdiction to resolve disputes over U.S. customs and international trade laws.
It can also decide on civil action against the U.S. government, its officials and agencies, on cases focused on customs or international trade – as seems to be the case in this latest judgement.
The court is led by a chief judge and has nine judges in total, appointed by the president. Most cases are heard by a single judge.
Of the current judges, four were appointed by Barack Obama, three were appointed by Trump and two were appointed by Joe Biden. However, no more than five judges can be from the same political party.
Court ruling throws Trump’s trade policy ‘into turmoil’
08:49 , Rachel Clun, APThe court ruling overturning Donald Trump’s tariff policies will cause headaches for companies and countries trying to navigate the on-again, off-again tariffs, a former U.S. trade official said.
Wendy Cutler, who is now vice president at the Asia Society Policy Institute, says the court's decision "throws the president's trade policy into turmoil".
"Partners negotiating hard during the 90-day tariff pause period may be tempted to hold off making further concessions to the U.S. until there is more legal clarity,” she said.
"Likewise, companies will have to reassess the way they run their supply chains, perhaps speeding up shipments to the United States to offset the risk that the tariffs will be reinstated on appeal."
Trump does have the power to impose tariffs, but it’s limited
09:05 , Rachel Clun, APIn its ruling, the trade court noted that the president does have some powers to impose tariffs – they’re just more limited than the powers he exercised.
Under the Trade Act of 1974, the president can impose tariffs to address trade deficits, but that law restricts tariffs to 15 percent and only for 150 days with countries with which the United States runs big trade deficits.
Professor of trade policy at Cornell University Eswar Prasad said that for now, the trade court's ruling "destroys the Trump administration's rationale for using federal emergency powers to impose tariffs, which oversteps congressional authority and contravenes any notion of due process”.
"The ruling makes it clear that the broad tariffs imposed unilaterally by Trump represent an overreach of executive power,” Prasad said.
U.K. government cautions court ruling is just the 'first stage' proceedings
09:19 , Rachel Clun, ReutersThe British government has cautioned that the court ruling blocking president Donald Trump’s tariffs was “only the first stage of the legal proceedings”.
Trump unveiled a new trade deal with Sir Keir Starmer earlier this month, but that deal was based on negotiating down the tariffs that have since been struck down by the trade court.
A U.K. government spokesperson said: "These are matters for the United States to determine domestically and we note this is only the first stage of legal proceedings.
"We were the first country to secure a deal with the US in a move to protect jobs across key sectors, from autos to steel, and we are working to ensure that businesses can benefit from the deal as quickly as possible."
Lib Dems urge Starmer to summon U.S. ambassador
09:37 , Rachel ClunLiberal Democrat leader Ed Davey has urged Sir Keir Starmer to summon the U.S. ambassador to clarify what the court ruling means for the recent trade deal the U.K. made with Donald Trump.
“ The levels of chaos from Trump’s economic policy is putting Liz Truss to shame,” he said.
Watch: Trump laments Qatar luxury airplane gift ‘much too big’ for his own use
09:53 , Rachel ClunGold price dips as risk appetite improves
10:08 , Rachel ClunGold prices dipped as the appetite for risk improved following the trade court’s decision to overturn Donald Trump’s tariffs.
Prices dipped slightly to $3,304.6 an ounce, down from the $3307.40 - $3309.40 an ounce at close on Wednesday.
Gold bullion is seen as a safe haven investment and prices have soared since Donald Trump announced high tariffs on most global trading partners.
Asian shares and US futures jumped after court ruling
10:25 , Associated PressAsian shares advanced and U.S. futures jumped after a federal court blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.
In the early hours of Thursday the future for the S&P 500 was up 1.6 percent while that for the Dow Jones Industrial Average gained 1.3 percent.
Japan's Nikkei 225 index jumped 1.6 percent to 38,324.19. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25 percent tariffs on steel, aluminum and autos.
Elsewhere in Asia, Hong Kong's Hang Seng added 0.3 percent, while the Shanghai Composite index gained 0.5 percent. Australia’s S&P/ASX 200 gained 0.3 percent.
Analysis: The UK-US trade deal has been thrown into chaos by Trump tariff ban - where do we go from here?
10:39 , David MaddoxPolitical Editor David Maddox writes:
In their haste to be seen as Donald Trump’s closest buddies, there is now a serious question mark over whether Sir Keir Starmer and his government should have shown more patience in getting a “great and beautiful” trade deal with the US.
The deal, which was symbolically the first post-“Liberation Day” agreement signed by President Trump with any country, was put in place to reduce the impact of the tariffs the US president had imposed.
But while Sir Keir and the rest of the world’s leaders were rapidly scrambling to respond, calmer, more measured voices in Washington were warning that the US president would never be able to go through with them.
Now, it seems they were right, with the US Court of International Trade ruling that Trump “exceeded his authority” when he imposed his sweeping levies on countries across the world and has blocked the move.
UK-US trade deal thrown into chaos by Trump tariff ban - where do we go from here?
Full story: Stock markets rise after Trump tariffs blocked by court
10:56 , Karl MatchettBusiness and Money Editor Karl Matchett reports:
The US stock market is set to rise on Thursday after President Trump’s sweeping global tariffs were blocked by the federal court.
Ahead of trading, US futures show a 1.5 per cent climb for the S&P 500, while the Nasdaq is pushing closer to 2 per cent since the news was announced.
Overnight stock markets in Asia rose on the news, with the Nikkei 225 and Hong Kong’s Hang Seng up 1.9 per cent and 1.35 per cent respectively.
However, European markets have not taken the news quite as positively, with the UK’s FTSE 100 flat in morning trading, the FTSE 250 up only 0.25 per cent and in Europe, the CAC 40 in France and Dax in Germany up by 0.6 and 0.5 per cent respectively, as of 10am BST.
Read the full report below:
Trump administration orders swathe of companies to halt China exports
11:12 , Rachel Clun, ReutersThe Trump administration has ordered a host of U.S. companies to stop exporting goods to China without a license and revoked licenses already granted to certain suppliers, said three people familiar with the matter.
The new restrictions - which are likely to escalate tensions with Beijing - appear aimed at choke points to prevent China from getting products necessary for key sectors, one of the people said.
Products affected include design software and chemicals for semiconductors, butane and ethane, machine tools, and aviation equipment, the people said.
Many companies received letters from the U.S. Department of Commerce over the last few days informing them of the new restrictions.
Former Trump adviser says it's 'dangerous' for president to impose taxes unilaterally
11:29 , Rachel ClunA former economic adviser to Donald Trump’s campaign said he agrees with the court’s decision to overturn the president’s tariff policies.
Stephen Moore, an economist who advised Trump during his 2016 campaign, told BBC Radio 4’s Today program it was dangerous for a president to impose taxes unilaterally.
“I have to say I’m a big Trump supporter, but I have to agree with the court on this one,” he said.
Moore said Congress was the branch of government that was supposed to make laws and change tax policies.
"I think it's dangerous for the country to have any president assert the authority to impose taxes on American citizens,” he said.
"It's not a healthy thing for the president to have that kind of unilateral authority.”
China says protectionism ‘benefits no one’ in response to court ruling
11:47 , Rachel ClunChina’s foreign ministry said Beijing hopes to continue to work “constructively” with the U.S. and develop stable bilateral relations.
But foreign ministry spokesperson Mao Ning also hit out at the Trump administration’s decision to revoke Chinese student visas as “fully unjustified”.
“This politically motivated and discriminatory move exposes the U.S. hypocrisy over freedom and openness. It will further damage the image and reputation of the U.S. itself,” Mao said.
Asked for China’s response to the trade court ruling that Trump’s tariffs were an overstep of the president’s authority, Mao said China had already made it’s position clear.
“Tariff and trade wars have no winners. Protectionism benefits no one and will get nowhere,” she said.
But asked whether the move to cancel student visas would affect China-U.S. trade relations, Mao said its position remains consistent.
“We hope the U.S. will work with China in the same direction, do more constructive things, and contribute more to the sound, steady and sustainable development of bilateral relations,” she said.
FTSE 100 flat, other Europe markets only slightly up
12:07 , Karl MatchettBusiness and Money Editor Karl Matchett reports:
While US futures show the S&P 500 heading upwards when the markets open this afternoon, the same trajectory hasn't been followed in Europe.
The Stoxx 50 is up 0.6 per cent and France's CAC 40 is up 0.7, but it's pretty much flat across Germany (0.2pc), Spain (0.1pc) and the UK (0pc).
The FTSE 250 is up 0.3 per cent and the Aim is up 0.4, but the FTSE 100 is trading broadly flat.
The FTSE 100 has some individual winners on the day of course, with airline Easyjet (2.67pc) the biggest riser ahead of financials Standard Chartered (2.5pc), Prudential (1.8pc) and Pershing Square Holdings (1.7pc), but a huge 11.2 per cent drop for Auto Trader Group - and it was around 14 per cent down earlier this morning - is weighing heavily against that.
White House officials blast tariff judgement a ‘judicial coup’
12:23 , Rachel ClunThe White House has attacked the trade court judgement overturning president Donald Trump’s tariffs.
Trump’s deputy chief of staff Stephen Miller reacted to the ruling on X, calling it a “judicial coup” that was out of control.
The judicial coup is out of control. https://t.co/PRRZ1zU6lI
— Stephen Miller (@StephenM) May 28, 2025
White House spokesperson, Kush Desai, savaged the ruling, saying it was not for “unelected judges to decide how to properly address a national emergency”.
Desai claimed in a statement that the court did not dispute the fact that “foreign countries’ nonreciprocal treatment of the United States” had “ fuelled America’s historic and persistent trade deficits”.
Those trade deficits, he said, had “created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base.”
Comment: Who’ll draw first blood in the tariff wars: Trump or the US courts?
12:38 , Mary DejevskyIf there was one difference between Donald Trump’s first term in the White House and his second, it was said to be his lessons learned. Nowhere was this more apparent than in the speed of his appointments and the torrent of executive orders he issued in his first hours.
Suddenly, with yesterday’s ruling from the US Federal Court of Trade, rejecting Trump’s imposition of new trade tariffs, and Musk’s announcement that he has left the administration, the Trump system, such as it was, seems in disarray more profound than his usual impression of chaos. Whether these developments mean that Trumpism 2.0 has hit its limits is another matter.
Read Mary Dejevsky’s full analysis below:
Who’ll draw first blood in the tariff wars: Trump or the US courts?
Elon Musk officially announces departure from Trump’s government
12:57 , Gustaf KilanderElon Musk announced his departure from the government on Wednesday after leading President Donald Trump’s efforts to slim down the federal bureaucracy, sharing the news on his social media site X.
“As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,” he wrote.
His departure, which comes as his term as a special government employee was set to end this week, comes just a day after he slammed the main legislation to push forward Trump’s agenda.
Read the full report below:
Elon Musk officially announces departure from Trump’s government
Trump rejects claim he's 'chickening out' on tariffs
13:23 , Rachel Clun, APDonald Trump has bristled at the acronym Wall Street is using for his tariff policies.
The president's tendency to levy extremely high import taxes and then retreat has created what's known as the "TACO" trade.
The acronym, coined by The Financial Times' Robert Armstrong, stands for "Trump Always Chickens Out” and has become popular among traders.
Trump was visibly offended when asked about the phrase Wednesday. He said it's not "chickening out," it's negotiation.
“We have an end date of July 9th, you call that chickening out?” he said.
July 9 is the deadline when the pause on the high reciprocal tariffs ends.
Watch: Trump reacts to Wall Street 'TACO' code
13:40 , Rachel ClunTrump administration signals it may use administrative process against Harvard
13:52 , ReutersThe Trump administration signaled on Thursday it might back off plans to immediately revoke Harvard University's ability to enrol foreign students because of several concerns, including its alleged failure to police antisemitism on campus, and would instead employ a lengthier administrative process.
According to a court filing, the U.S. Department of Homeland Security sent Harvard a notice of intent on Wednesday to withdraw the university's certification under the federal Student and Exchange Visitor Program. Harvard has 30 days to respond.
The notice came ahead of a scheduled court hearing on whether to extend a temporary ban on the revocation announced by U.S. President Donald Trump's administration last week.
Trump's economic adviser said three trade deals nearly done
14:00 , Rachel ClunKevin Hassett said three trade deals were nearly done and more were underway despite the trade court ruling overturning Donald Trump’s tariffs.
"There are many, many deals coming. And there were three that basically look like they're done," the White House economic adviser said in an interview with Fox Business Network.
Hassett said there were three deals ready for Trump's review at the end of last week.
Trump's economic adviser blasts 'activists judges' over trade court ruling
14:06 , Rachel Clun, ReutersWhite House economic adviser Kevin Hassett dismissed the trade court ruling overturning Donald Trump’s tariffs.
Speaking in an interview with Fox Business Network on Thursday, he said he was confident the administration would win its appeal.
The administration's view is that numerous countries will open up their markets to American products in the next month or two, Hassett said.
"If there are little hiccups here or there because of decisions that activist judges make, then it shouldn't just concern you at all, and it's certainly not going to affect the negotiations," Hassett said.
U.S. economy shrank by 0.2 percent in first three months of the year
14:13 , Rachel Clun, APThe U.S. economy shrank at an annual pace of 0.2 percent in the first three months of the year, the first time the American has gone backwards in three years.
U.S. gross domestic product fell due to a surge in imports as companies in the United States hurried to bring in foreign goods before the president imposed massive import taxes.
Imports grew at grew by 42.6 percent, the fastest pace since the third quarter of 2020, and shaved more than 5 percentage points off GDP growth.
The January-March drop in the nation's output of goods and services reversed a 2.4 percent gain in the fourth quarter of 2024. The Commerce Department also says that consumer spending also slowed sharply.
And federal government spending fell at a 4.6 percent annual pace, the biggest drop in three years.
Which tariffs did the court block?
14:27 , APThe court’s decision blocks the tariffs Trump slapped last month on almost all U.S. trading partners and levies he imposed before that on China, Mexico and Canada.
On April 2, Trump imposed so-called reciprocal tariffs of up to 50% on countries with which the United States runs a trade deficit and 10% baseline tariffs on almost everybody else. He later suspended the reciprocal tariffs for 90 days to give countries time to agree to reduce barriers to U.S. exports. But he kept the baseline tariffs in place. Claiming extraordinary power to act without congressional approval, he justified the taxes under IEEPA by declaring the United States’ longstanding trade deficits “a national emergency.”
In February, he’d invoked the law to impose tariffs on Canada, Mexico and China, saying that the illegal flow of immigrants and drugs across the U.S. border amounted to a national emergency and that the three countries needed to do more to stop it.
The U.S. Constitution gives Congress the power to set taxes, including tariffs. But lawmakers have gradually let presidents assume more power over tariffs — and Trump has made the most of it.
The tariffs are being challenged in at least seven lawsuits. In the ruling Wednesday, the trade court combined two of the cases — one brought by five small businesses and another by 12 U.S. states.
The ruling does leave in place other Trump tariffs, including those on foreign steel, aluminum and autos. But those levies were invoked under a different law that required a Commerce Department investigation and could not be imposed at the president’s own discretion.
Wall Street opens up after court blocks Trump tariffs
14:35 , Oliver O'ConnellIn New York, Wall Street's main indexes opened higher on Thursday after the federal court’s ruling against most of President Donald Trump's tariffs, which the White House is appealing.
Helping lift the market was AI bellwether Nvidia, which reported a 69% surge in quarterly sales, boosting sentiment.
The Dow Jones Industrial Average rose 91.3 points, or 0.22%, at the open to 42190.02. The S&P 500 rose 51.4 points, or 0.87%, at the open to 5939.96, while the Nasdaq Composite rose 288.5 points, or 1.51%, to 19389.392 at the opening bell.
70% of small businesses say tariffs are already increasing costs
15:02 , Oliver O'ConnellMore than 70 percent of small and mid-sized businesses have already experienced increased operational costs due to Trump’s tariffs, a new poll has found.
The findings of the HSBC survey, shared with Axios, gathered responses from over 5,700 companies across 13 countries. This included around 1,000 US businesses with international operations and revenues ranging from $50 million to $2 billion.
The survey found that 72 percent of companies are already seeing cost increases from tariffs, with 77 percent expecting further rises by year’s end, Axios reports.
Erin Keller reports.
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70% of small businesses say tariffs are already increasing costs: survey
Watch: White House economic advisor remains steadfastly optimistic about tariffs
15:17 , Oliver O'ConnellIn light of the court’s tariffs decision, Kevin Hassett, the White House director of the National Economic Council, remained wildly optimistic this morning on Maria Bartiromo’s Fox Business show, Mornings with Maria.
The host alluded to the phrase “TACO” (Trump Always Chickens Out) that has been popularized on Wall Street regarding the tariffs.
Hassett responded to Bartiromo: “President Trump has a hat which is the accurate response to what that person said, which is 'Trump always wins.' A lot of people are wearing that hat, and 'Trump was always right.' But Trump does always win these negotiations.”
Kevin Hassett on tariffs: "President Trump has a hat which is the accurate response to what that person said, which is 'Trump always wins.' A lot of people are wearing that hat, and 'Trump was always right.' But Trump does always win these negotiations." pic.twitter.com/VFFSI2GR8B
— Aaron Rupar (@atrupar) May 29, 2025
Trump tariffs brought China to table and halted India-Pakistan conflict, says US official
15:33 , Oliver O'ConnellDonald Trump’s Secretary of Commerce, Howard Lutnick, claimed that the president’s tariffs helped broker a fragile ceasefire between India and Pakistan earlier this month by offering trade incentives. He warned that limiting executive power could jeopardize regional security.
White House officials told the US Court of International Trade to uphold Trump’s import tariffs on almost all major countries, arguing that overturning the levies would weaken Washington’s ability to negotiate trade deals globally and undermine their strategic use as diplomatic tools.
Maroosha Muzaffar reports.
Markets lifted as chipmaker Nvidia becomes world's most valuable company
15:50 , Oliver O'ConnellNvidia shares have opened almost six percent higher as stock markets begin trading in the US on Thursday, following yet another stellar quarterly report from the chipmaker.
Following strong overnight trading and another late surge pre-markets, it equates to around a $185bn (£137bn) rise in the value of the company overnight - taking the total market capitalisation to around $3.48 trillion (£2.58tn) to usurp Microsoft as the world’s most valuable public listed business once again.
Karl Matchett reports from London.
The world has a new most valuable company after $185bn overnight surge
Small business plaintiffs applaud tariffs ruling by court
15:58 , APLawyers for small businesses who challenged Trump’s “Liberation Day” tariffs are applauding the ruling that struck them down.
“It’s great to see that the court unanimously ruled against this massive power grab by the president,” said Ilya Somin, a George Mason University law professor who worked on the case with the libertarian-leaning Liberty Justice Center. They represent small businesses that said the tariffs were a major threat to their livelihoods.
Victor Schwartz, a small wine importer, called the ruling a “win” for his businesses and others across the country. He said he’s ready to see the case through the Supreme Court as the Trump administration appeals.
Watch: Trump has tried to 'stretch' edges of executive power and courts are pushing back
16:00 , Oliver O'ConnellRepublican Senator Kevin Cramer of North Dakota says courts are pushing back on the stretching of executive power by the president.
Kevin Cramer: "I don't think anybody can deny that Donald Trump has tried to stretch-- ah, er, maybe just explore, the edges of executive power." pic.twitter.com/Xbmd8kNdaF
— Aaron Rupar (@atrupar) May 29, 2025
Canadian PM welcomes court's tariffs ruling
16:08 , Oliver O'Connell
Canadian Prime Minister Mark Carney on Thursday welcomed a U.S. trade court ruling that blocked most of President Donald Trump's tariffs, many of which apply to imports from Canada.
“[This decision] is consistent with Canada's long-standing position that the ... tariffs were unlawful as well as unjustified,” he told the House of Commons in Ottawa this morning.
Trump's own trade war gets in way of his mission to save coal
16:10 , APFormer ranch hand Pat Thiele has spent years fighting a losing battle against a massive coal mine creeping underground toward his central Montana property.
Mine owner Signal Peak Energy sits atop a billion-ton reserve of coal in the Bull Mountains, not far from where Thiele lives. The mine has long seemed poised to benefit from President Donald Trump's pledges to revive the faltering coal industry — vows the president has renewed vigorously in his second term with new orders to deregulate mining. A Republican tax cut bill making its way through Congress contains a special carve-out provision allowing the mine to expand.
But Thiele and his neighbors see a glimmer of hope in another Trump initiative, his “America first” approach to global trade.
Continue reading...
Trump's push to save coal faces a new hurdle: his own trade war
Watch: Michigan Republican says court ruling does not bring trade war to temporary halt
16:20 , Oliver O'ConnellFox Business host Stuart Varney asked Michigan Republican Rep. Lisa McClain if the court’s decision on Trump’s tariffs brings his trade war to at least a temporary halt.
McClain does not believe that to be the case.
VARNEY: Do this bring the trade war at least to a temporary halt?
— Aaron Rupar (@atrupar) May 29, 2025
REP. LISA McCLAIN: No, I don't think it does. President Trump is pretty set on leveling the playing field and he's used to roadblocks ... That's what he wants to do, and that's what he's gonna do. pic.twitter.com/lzLPbVNAgz
ANALYSIS: UK-US trade deal has been thrown into chaos by Trump tariff ban — now what?
16:30 , Oliver O'ConnellDavid Maddox writes:
In their haste to be seen as Donald Trump’s closest buddies, there is now a serious question mark over whether Sir Keir Starmer and his government should have shown more patience in getting a “great and beautiful” trade deal with the US.
The deal, which was symbolically the first post-“Liberation Day” agreement signed by President Trump with any country, was put in place to reduce the impact of the tariffs the US president had imposed.
But while Sir Keir and the rest of the world’s leaders were rapidly scrambling to respond, calmer, more measured voices in Washington were warning that the US president would never be able to go through with them.
Now, it seems they were right...
Read on:
UK-US trade deal thrown into chaos by Trump tariff ban - where do we go from here?
Watch: White House still insists more trade deals coming
16:40 , Oliver O'ConnellBARTIROMO: You said we're probably gonna see more trade deals in the coming weeks. Do you still believe that?
— Aaron Rupar (@atrupar) May 29, 2025
HASSETT: Yes I do ... there are many, many deals coming pic.twitter.com/yYaKA22oYc
Finance journalist James Surowiecki notes: “Any trade deal Trump makes will have to be approved by Congress. Are 50 senators really ready to vote for trade agreements that jack up U.S. tariffs on imports, raising prices on U.S. consumers and businesses?”
What happens next as Court of International Trade strikes down Trump tariffs?
17:10 , Oliver O'ConnellPresident Donald Trump’s administration must dismantle his “reciprocal” tariff policy after a federal court ruled he lacked the authority to create it. But that doesn’t mean the fight is over or that some goods still won’t face tariffs.
Trump’s showpiece trade policy faced a major setback Wednesday after a three-judge panel on the federal trade court unanimously ruled against Trump’s plan to impose his sweeping levies on nearly all of the U.S.’s trading partners.
Within minutes of the decision, the administration filed an appeal to the U.S. Court of Appeals for the Federal Circuit, lambasting the “unelected judges” for their opinion. Stephen Miller, Trump’s Deputy chief of staff, accused the court of a “judicial coup.”
It’s unclear at this time exactly when or how the administration will end Trump’s tariff policy, leaving the future of the president’s trade agenda in limbo.
Ariana Baio looks at what could happen next:
IN FOCUS: The trade court’s Trump tariff decision is a ‘deeply American problem’ - with enormous global implications
17:30 , Oliver O'ConnellRachel Clun writes:
Dr Leslie Vinjamuri, Director of the US and Americas Programme at Chatham House, said the ruling — from a court that “most of the world will have never heard of” — was a “major setback” for the president.
But the decision, which the Trump administration has already appealed, is not any real cause for relief for American trading partners.
Continue reading...
How the Trump tariff decision is a ‘deeply American problem’ with global implications
Watch LIVE: White House holds press briefing as Trump fights federal court over tariff ruling
18:00 , Oliver O'ConnellCOMMENT: Who’ll draw first blood in the tariff wars: Trump or the US courts?
18:30 , Oliver O'ConnellMary Dejevsky writes:
Having upended the global trading system once, with dramatic effects on international markets that have largely been weathered, Trump will have few qualms about further disruption, not least because his comprehensive re-ordering of tariffs remains a cornerstone of his economic policy and enjoys wide popularity among his voters.
Those trading with the US have little choice but to sit tight and let the US constitutional system take its course. Some, with the capacity to do so, rushed to export goods to the US under the old rules, but others either lacked the capacity or were not so lucky. For the time being, it is probably reasonable to conclude that a large part of the international trading system is on hold.
Read on...
Who’ll draw first blood in the tariff wars: Trump or the US courts?
White House says SCOTUS must stop judges 'abusing their judicial power' to 'usurp' president's authority
18:41 , Oliver O'ConnellAt today’s press briefing, White House Press Secretary Karoline Leavitt accused the federal court that ruled against President Donald Trump’s “Liberation Day” tariffs of “brazenly abusing their judicial power to usurp the authority of President Trump.”
She adds: “Ultimately, the Supreme Court must put an end to this for the sake of our constitution and our country.”
Leavitt: Three judges of the U.S. Court of international trade abused their judicial power to usurp the authority of President Trump to stop him from carrying out the mandate that the American people gave him. pic.twitter.com/W6ecAMxsB0
— Acyn (@Acyn) May 29, 2025
White House claims other countries have faith in Trump and will continue negotiations
18:45 , Oliver O'ConnellAsked why other countries would continue trade deal negotiations given the court’s ruling on Trump’s tariffs, Press Secretary Karoline Leavitt responds: “Because other countries around the world have faith in the negotiator in chief, President Donald J Trump. And they also probably see how ridiculous this ruling is.”
REPORTER: Why would other countries continue trade deal negotiations given the ruling?
— Aaron Rupar (@atrupar) May 29, 2025
LEAVITT: Because other countries around the world have faith in the negotiator in chief, President Donald J Trump. And they also probably see how ridiculous this ruling is pic.twitter.com/jc8md7ikJt
Leavitt accuses Jill Biden of lying to American people over condition of former president
18:47 , Oliver O'Connell“Frankly, the former first lady should speak up about what she saw with her husband and what she knew... This was a cover-up, and Jill Biden was clearly complicit in that cover-up... She's still lying to the American people.”
Fox News' Peter Doocy asks whether Jill Biden should testify about Joe Biden's alleged decline:
— The Recount (@therecount) May 29, 2025
Karoline Leavitt: "Jill Biden was certainly complicit in that cover-up. ... She still thinks the American public are so stupid that they're going to believe her lies." pic.twitter.com/lBYrKN3XUF
White House confirm Trump met with Fed Chair today
18:50 , Oliver O'ConnellWhite House Press Secretary Karoline Leavitt confirms that President Donald Trump met with Federal Reserve Chair Jerome Powell today.
Leavitt confirms that Trump met with Powell today and encouraged him to lower interest rates pic.twitter.com/Fcvd1a8k6M
— Aaron Rupar (@atrupar) May 29, 2025
Watch: Questions continue about Qatari jet
18:53 , Oliver O'ConnellLeavitt confirms that Trump met with Powell today and encouraged him to lower interest rates pic.twitter.com/Fcvd1a8k6M
— Aaron Rupar (@atrupar) May 29, 2025
Trump and Powell meet at White House
19:05 , Oliver O'ConnellFederal Reserve Chair Jerome Powell met with President Donald Trump at the White House on Thursday to discuss economic developments, including growth, employment, and inflation, according to a statement from Powell's office.
The meeting was held at the president's invitation.
“Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,” the statement said.
Trump has repeatedly lashed out at Powell, whom he nominated to the post during his first term and who was subsequently renominated to a second term by President Joe Biden, and said that he wants to see him removed from the central bank.
“Chair Powell said that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis,” the statement said.
Trump, who has attacked Powell for the Fed's decision not to lower interest rates, recently stated he has no intention of attempting to fire Powell. However, the potential for a firing has unsettled financial markets that rely on the independent Fed's ability to perform its duties without political interference.
With reporting from Reuters
Trump cabinet to continue collaboration with DOGE after Elon Musk's exit
19:17 , Oliver O'ConnellMembers of President Donald Trump's cabinet will collaborate with staff from the Department of Government Efficiency (DOGE) across various federal agencies to advance ongoing efforts after the departure of Elon Musk, the White House said on Thursday.
Cabinet secretaries have been “working hand in hand with Elon Musk, and they'll continue to work with the respective Doge employees who have onboarded as political appointees at all of these agencies,” press secretary Karoline Leavitt told reporters at today’s briefing.
Leavitt claims that with Elon Musk departing, "the DOGE leaders are each and every member of the president's cabinet and the president himself" pic.twitter.com/j5Va7Gci5N
— Aaron Rupar (@atrupar) May 29, 2025
RECAP: What did the court say?
19:34 , Oliver O'ConnellThe court noted that Trump’s tariffs exceed the authority Congress granted to presidents under his cited International Emergency Economic Powers Act, a 1977 law which lays out how the executive can impose import taxes in limited circumstances pursuant to a national emergency.
The judges said Trump’s “Liberation Day” tariffs, which set a 10 per cent baseline tax on all imports and even higher taxes on imports from nearly every one of America’s trading partners, “exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs.”
They also rejected Trump’s use of the emergency powers to tax Mexican, Canadian and Chinese imports because those tariffs don’t specifically “deal with an unusual and extraordinary threat with respect to which a national emergency has been declared,” as required by law.
The court rejected the Trump administration's arguments that claimed the president had broad authority in the current situation to impose tariffs under his emergency powers.
“An unlimited delegation of tariff authority would constitute an improper abdication of legislative power to another branch of government,” the judges noted, noting that “any interpretation of IEEPA that delegates unlimited tariff authority is unconstitutional.”
What is the Court of International Trade?
19:52 , Oliver O'ConnellUnlike the Supreme Court, many people won’t have heard of the United States Court of International Trade until very recently, thanks to its ruling over the president’s tariffs.
Here’s a brief overview of the court, its functions, and the individuals who lead it.
The Court of International Trade, established in 1890, has federal jurisdiction to resolve disputes over U.S. customs and international trade laws.
It can also decide on civil action against the U.S. government, its officials and agencies, on cases focused on customs or international trade, as seems to be the case in this latest judgment.
A chief judge leads the court and has nine judges in total, appointed by the president. A single judge hears most cases.
Of the current judges, Barack Obama appointed four, three were appointed by Trump, and two were appointed by Joe Biden. However, no more than five judges can be from the same political party.
Trump rejects claim he's 'chickening out' on tariffs
20:05 , Oliver O'Connell
Donald Trump has bristled at the acronym Wall Street is using for his tariff policies.
The president's tendency to levy extremely high import taxes and then retreat has created what's known as the "TACO" trade.
The acronym, coined by The Financial Times' Robert Armstrong, stands for "Trump Always Chickens Out” and has become popular among traders.
Trump was visibly offended when asked about the phrase Wednesday. He said it's not "chickening out," it's negotiation.
“We have an end date of July 9th, you call that chickening out?” he said.
July 9 is the deadline when the pause on the high reciprocal tariffs ends.
BREAKING: Appeals court temporarily halts ruling against Trump tariffs
20:20 , Oliver O'ConnellThe U.S. Appeals Court has temporarily halted the federal trade court’s ruling against President Donald Trump’s tariffs.
In the above-captioned cases, the United States Court of International Trade entered judgment against the United States and permanently enjoined certain Executive
Orders imposing various tariffs. The United States moves to consolidate its appeals from those rulings and has applied for this court to stay the judgment and injunction pending these appeals and for an immediate administrative stay while the court considers that motion. The United States’s request for the Court of International Trade to grant the same relief remains pending before that court.
Upon consideration thereof,
IT IS ORDERED THAT:
(1) The motions to consolidate are granted. The appeals are consolidated, such that only one set of briefs should be filed for the appeals. The revised official caption for the consolidated appeals is reflected in this order.
(2) The request for an immediate administrative stay is granted to the extent that the judgments and the permanent injunctions entered by the Court of International Trade in these cases are temporarily stayed until further notice while this court considers the motions papers.
Watch: Navarro grilled over tariffs ruling
20:40 , Oliver O'ConnellTrump trade advisor Peter Navarro faced a grilling on Fox Business this afternoon regarding the administration’s accusation that the judges who ruled against President Donald Trump’s tariffs were in some way “rogue.”
NAVARRO: These are rogue judges that are basically operatin--
— Aaron Rupar (@atrupar) May 29, 2025
FOX BUSINESS: One was appointed by Donald Trump. That's a rogue judge?
NAVARRO: There was one appointed by Donald Trump
FOX BIZ: And one by Reagan
NAVARRO: More importantly ... pic.twitter.com/35gIUni2mJ
Navarro was also asked how the administration could justify an economic emergency regarding dolls, furniture, and yoga pants.
NAVARRO: These are rogue judges that are basically operatin--
— Aaron Rupar (@atrupar) May 29, 2025
FOX BUSINESS: One was appointed by Donald Trump. That's a rogue judge?
NAVARRO: There was one appointed by Donald Trump
FOX BIZ: And one by Reagan
NAVARRO: More importantly ... pic.twitter.com/35gIUni2mJ
Elon is gone. What now for DOGE?
21:00 , Oliver O'ConnellOn Wednesday evening, Elon Musk announced on X that his time as part of the Department of Government Efficiency was officially at an end.
As a Special Government Employee, he is restricted to serving 130 days – a period which was due to finish this week.
However, as well as thanking Donald Trump for the opportunity to “reduce wasteful spending,” Musk wrote that: “The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.”
So what will happen to the controversial government agency now that its de-facto chief is stepping down?
Mike Bedigan takes a look at what we know:
With Elon Musk out of the picture – what happens to DOGE now?
Watch: Navarro tells small businesses and markets, tariffs are coming regardless
21:04 , Oliver O'ConnellTrump trade adviser Peter Navarro, speaking outside the White House, was asked whether his message to small businesses and the markets was that the tariffs would go into effect regardless.
He replied: “I think that's a fair assessment.”
Q: "Is your message to small businesses, to the markets that are watching...is that these tariffs are gonna go into effect regardless, and that the administration will find a way to get it done?"
— CSPAN (@cspan) May 29, 2025
White House Trade Adviser Peter Navarro: "I think that's a fair assessment." pic.twitter.com/n2eEfFmCjn
He also blamed the uncertainty on those trying to “stop the Trump agenda.”
Peter Navarro's message to small businesses struggling with economic uncertainty because of tariffs: "A lot of this back and forth is the result of the Democrats working with the globalist RINO Wall Street people to try to stop the Trump agenda." pic.twitter.com/18dcTZkokW
— Aaron Rupar (@atrupar) May 29, 2025
Full story: Trump’s tariffs are back on for now as he fights trade court ruling, appeals panel rules
21:20 , Oliver O'ConnellA federal appeals court has paused a seismic ruling from the U.S. Court of International Trade that found Donald Trump “exceeded his authority” with his sweeping tariff agenda.
Alex Woodward has the latest.
Trump’s tariffs are back on for now as he fights court ruling, appeals panel rules
ANALYSIS: Elon Musk’s cost-cutting at DOGE has been a colossal failure. But he has achieved something more dangerous
21:40 , Oliver O'ConnellIo Dodds writes:
After 128 days as Donald Trump's chainsaw-wielding bureaucratic executioner, Elon Musk says he is leaving government.
As the CEO of Tesla and SpaceX, Musk has a long history of failed forecasts and broken promises, and he has given mixed signals about his future involvement with the Trump administration.
But reports indicate that Musk, like Mark Zuckerberg before him, is genuinely disillusioned with politics and frustrated with the “uphill battle” he’s faced in trying to remake the federal government the way he remade Twitter.
Read on...
Elon Musk’s cost-cutting has failed. But he has achieved something more dangerous
View from the UK: Experts warn tariff uncertainty could hit economy
22:00 , Oliver O'ConnellA cloud hangs over the global economy, experts have warned, after a bombshell court ruling blocked Donald Trump’s tariffs, creating more “confusion and uncertainty”.
David Maddox, Millie Cooke, and Archie Thomas filed this report from London earlier today.
Trump’s fury over court bid to block tariffs – as experts warn of impact on trade
If Trump's tariffs are blocked, what goods will still face price hikes?
22:30 , Oliver O'ConnellIf Trump were to fail in his attempt to enforce his tariffs, here’s what to know about how it might impact the prices of everyday goods:
Liberation day axed: Here’s what’s still at risk of price hikes after court ruling
‘I gave up everything!’: Dan Bongino cries to Fox News about how much he hates his new FBI job
23:00 , Oliver O'ConnellAppearances on Fox News aren’t doing the FBI’s two top officials any favors.
Dan Bongino lamented Thursday morning about how unhappy he’s become now that he’s the bureau’s deputy director, complaining that he “gave up everything” to take the job in what at times felt like a therapy session on the Fox & Friends couch.
But the griping about the office from the FBI’s second-most-powerful drew heaps of trolling online.
Justin Baragona has the story.
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Bongino cries to Fox about how much he hates his new FBI job: ‘I gave up everything!’
IN FOCUS: The trade court’s Trump tariff decision is a ‘deeply American problem’ – with enormous global implications
23:30 , Oliver O'ConnellExperts have warned that last night’s decision by the United States Court of International Trade will not necessarily provide any relief to countries hoping for lower tariffs or even from trading uncertainty with the US.
Rachel Clun reports.
How the Trump tariff decision is a ‘deeply American problem’ with global implications
Trump names Paul Ingrassia to lead the Office of Special Counsel
23:49 , Gustaf KilanderTrump announced on Thursday that Paul Ingrassia will serve as the head of the United States Office of Special Counsel (OSC).
“Paul is a highly respected attorney, writer, and Constitutional Scholar, who has done a tremendous job serving as my White House Liaison for Homeland Security,” Trump said on Truth Social. “Paul holds degrees from both Cornell Law School and Fordham University, where he majored in Mathematics and Economics, graduating near the top of his class.”
Ingrassia took to X to call the nomination “the highest honor.”
“As Special Counsel, my team and I will make every effort to restore competence and integrity to the Executive Branch — with priority on eliminating waste, fraud, and abuse in the federal workforce and revitalize the Rule of Law and Fairness in Hatch Act enforcement,” he added.
The Atlantic called him a “right-wing edgelord” while CNN reported that he’s a “former far-right podcast host and election denier who once shared an article calling for ‘martial law’ to keep Donald Trump in office.”
RECAP: Trump’s tariffs are back on for now as he fights trade court ruling
00:00 , Oliver O'ConnellA federal appeals court has paused a seismic ruling from the U.S. Court of International Trade that found Donald Trump “exceeded his authority” with his sweeping tariff agenda.
A panel of judges at the United States Court of Appeals for the Federal Circuit temporarily reinstated Trump’s so-called “Liberation Day” tariffs on Thursday while legal challenges play out.
The decision from the appellate court panel follows a second federal court decision that found Trump cannot “unilaterally impose, revoke, pause, reinstate, and adjust tariffs to reorder the global economy” under the International Emergency Economic Powers Act.
Alex Woodward has the details.
Trump’s tariffs are back on for now as he fights court ruling, appeals panel rules
