The ongoing legal battle surrounding the Trump Administration’s tariffs has created uncertainty about their future. Recent rulings from the United States Court of International Trade (CIT) have called into question the legality of many of these tariffs, with the court determining that they exceed the authority granted to the president by the International Emergency Economic Powers Act (IEEPA).
In a significant blow to the Trump Administration, the CIT struck down the executive orders establishing tariffs against 57 countries and modifying duties’ rates and start dates. Additionally, tariffs imposed on Mexico, Canada, and China under the guise of combating illegal narcotics were also invalidated by the court.
The Trump Administration wasted no time in appealing the CIT’s ruling and securing a stay on the judgment from the U.S. Court of Appeals for the Federal Circuit. White House Press Secretary Karoline Leavitt criticized the CIT’s decision, claiming that it was impeding sensitive diplomatic and trade negotiations.
Despite the legal drama, financial markets remained relatively stable, with the S&P 500 and Nasdaq Composite experiencing minor fluctuations. However, the cryptocurrency market saw a decline, with the overall digital asset cap dropping by 2.7% according to data from CoinGecko.
As the legal battle over the Trump Administration’s tariffs continues to unfold, the implications for global trade and diplomatic relations remain uncertain. Stay updated on the latest developments by following us on X, Facebook, and Telegram. Don’t miss out on important updates by subscribing to our email alerts and checking price action on The Daily Hodl Mix.
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