Tart Neap for Donald Trump: A federal Supreme Court in the United States has refused his government to impose a lot of reasons for reaching criminal rates. That is “unconstitutional”! The US president’s aggressive trade policy is at least delayed for the time being.
The relevant rates would “be canceled and their application permanently prohibited,” said the court’s decision responsible for international trade in New York. This affects almost all rates set by Trump’s government – including the criminal levies that the Republican had imposed on the ‘Liberty Day’ that he described at the beginning of April, but also certain rates for goods from Canada, Mexico and China.
Hof: There is no national emergency situation!
The court said that the American Constitution only gives the congress the power to regulate trade with other countries and that this authority cannot be withdrawn by the president’s mandate to protect the economy. In short: Trump surpassed his powers! And: there is no national emergency situation.
Trump’s government appealed
The last word has not yet been spoken, because Trump’s government immediately appealed against the verdict. It is not excluded that an appellant will bring the rates into effect to a final decision.
“The trade shortages have created a national emergency situation that destroyed American communities, left our employees and weakened our industrial defense basis – facts that the court did not dispute,” said Kush Desai, deputy spokesperson for the White House. “It is not a task not to decide how to deal with a national emergency,” Desai continues.
Different lawsuits against Trump’s customs policy
Ultimately, the legal dispute for the Supreme Court should end. Five smaller American companies had charged that import goods from countries affected by the rates. It is the first major legal dispute of Trump’s so -called “Liberation Day” rates. And the first legal defeat since the rate.
Different stock markets cheer
After the court’s decision on Wednesday, the US dollar rose to both Swiss Franconia, a traditional currency of the safe haven and the Japanese yen. The American stock futures grew at the stock exchanges. There were cheers at the stock markets
At the beginning of April, Trump had accepted drastic rates for almost all imports to the United States. This aggressive trade policy caused panic at the stock markets and the massive price is falling worldwide. In the meantime, part of the rates has been suspended or rejected to negotiate a “deal” with the affected countries.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
