On Thursday, after the Court of International Trade blocked President Donald Trump from imposing some of his harshest tariffs on foreign countries the day before, stock markets around the world soared.
“Futures for the S&P 500 index jumped 1.5 percent, suggesting that stocks will open sharply higher when trading begins in New York,” the New York Times reported, adding that stocks rose in France, Germany, Hong Kong, Japan, and South Korea. The dollar rose on Wednesday after the ruling. The yield on the 30-year Treasury note climbed back over 5%. Chip giant Nvidia’s stock rose on Wednesday by more than 6%.
The Court’s ruling implies that ultimately “extreme tariffs and rapidly changing tariffs are less likely to happen going forward, which reduces uncertainty somewhat,” analysts at Panmure Liberum, a British investment bank, opined. But they cautioned that in the immediate future, the dispute between the Court and the Trump administration “will add significant uncertainty to the mix, making it even harder for U.S. businesses to plan.”
Trump had used the 1977 International Emergency Economic Powers Act to justify his call for higher tariffs. The Court gave Trump 10 days to end them, prompting the Trump administration to immediately file its plans to appeal the decision.
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“The ruling does not affect tariffs issued by the Trump administration under separate legal authorities, including levies on steel, aluminum and cars, and others that Mr. Trump has threatened on pharmaceuticals, semiconductors and other critical products,” The Times pointed out.
The Court of International Trade has nine judges appointed by the president and confirmed by the Senate. The Court’s ruling on the tariffs was made by a tribunal of three judges; two of whom were appointed by Republicans and one of whom was appointed by Trump.
The panel did note two other statutes that Trump could use to justify tariffs, and that he has other avenues available to carry out his economic plans.
“The bottom line is that this ruling is just a temporary setback for the president and won’t really stop him. It makes things harder for Trump, but falls well short of taking tariffs off the table,” Barron’s reported.
The post <a href=https://www.dailywire.com/news/worlds-stock-markets-react-to-court-ruling-against-trumps-tariffs target=_blank >World’s Stock Markets React To Court Ruling Against Trump’s Tariffs</a> appeared first on Conservative Angle | Conservative Angle - Conservative News Clearing House
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