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World financial markets welcome court ruling against Trump's tariffs
Court News |
2025/05/29 07:26
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Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.
U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro.
The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs.
The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war.
The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%.
In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63.
Japan's Nikkei 225 index jumped 1.9% to 38,432.98. 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% tariffs on steel, aluminum and autos.
A U.S. Customs and Border Protection technician examines overseas parcels after they were scanned at the agency's overseas mail inspection facility at Chicago's O'Hare International Airport on Feb. 23, 2024.
The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday.
A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy.
Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead.
"Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a commentary.
The ruling was, at the least, "a brief respite before the next thunderclap," he said.
Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45.
Australia's S&P/ASX 200 gained 0.2% to 8,409.80.
In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy.
Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%.
On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month.
The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%.
Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed.
The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading.
Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%.
The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs.
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Ex-UK lawmaker charged with cheating in election betting scandal
Court News |
2025/04/08 08:04
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A former Conservative lawmaker and 14 others have been charged with cheating when placing bets on the timing of Britain’s general election last year, the Gambling Commission said Monday.
Craig Williams was one of several people who had been investigated for cashing in on insider knowledge on the date then-Prime Minister Rishi Sunak would call the election. Other members of the Conservative Party that controlled government at the time and a police officer were among those facing charges that carry a potential two-year prison term, if convicted.
It’s legal for politicians to wager on elections, but the investigation was about whether they used inside information to gain an unfair advantage. One of the popular bets at the time was to wager on the date the prime minister would call an election.
At the time, the conventional wisdom was that Sunak would call an election in the fall, but he surprised people in May when he set the election date for July 4th. The announcement was a disaster as Sunak was drenched in pouring rain outside his residence and word quickly spread that a handful of people with connections to the party had placed suspiciously timed bets.
The vote six weeks later ended up being a bloodbath for Conservatives, as the Labour Party, led by Prime Minister Keir Starmer, swept them out of office for the first time in 14 years.
Williams, who was Sunak’s parliamentary private secretary and running for reelection, had disclosed he placed a 100-pound ($131) bet on a July election days before the date had been announced.
“I committed an error of judgment, not an offense, and I want to reiterate my apology directly to you,” he said in a video posted on social media in June.
In the election, Williams lost his seat representing an area of Wales, finishing third.
Others facing charges included Russell George, a Conservative in the Welsh parliament, Nick Mason, a former chief data officer for the Tories and Thomas James, the director of the Welsh Conservatives.
Anthony Lee, a former Conservative campaign director, was also charged alongside his wife, Laura Saunders, who ran unsuccessfully for a seat in Parliament representing an area of southwest England.
George was suspended by the Conservative Party after news of the criminal case.
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Trump asks supreme court to halt ruling ordering the rehiring of federal workers
Court News |
2025/03/25 06:27
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The Trump administration asked the Supreme Court on Monday to halt a ruling ordering the rehiring of thousands of federal workers let go in mass firings aimed at dramatically downsizing the federal government.
The emergency appeal argues that the judge can’t force the executive branch to rehire more than 16,000 probationary employees. The California-based judge found the firings didn’t follow federal law, and he ordered reinstatement offers be sent as a lawsuit plays out.
The appeal also calls on the conservative-majority court to rein in the growing number of federal judges who have slowed President Donald Trump’s sweeping agenda.
“Only this Court can end the interbranch power grab,” the appeal stated.
The nation’s federal court system has become ground zero for pushback to Trump with the Republican-led Congress largely supportive or silent, and judges have ruled against Trump’s administration more than three dozen times after finding violations of federal law.
The rulings run the gamut from birthright citizenship changes to federal spending to transgender rights.
Trump’s unparalleled flurry of executive orders seems destined for several dates at a Supreme Court that he helped shape with three appointees during his first term, but so far the majority on the nine-member court has taken relatively small steps in two cases that have reached it.
The latest order appealed to the high court was one of two handed down the same day. While acknowledging the president can lay off employees, two judges found separate legal problems with the way the Republican administration’s firings of probationary employees were carried out.
U.S. District Judge William Alsup in San Francisco ruled that the terminations were improperly directed by the Office of Personnel Management and its acting director. He ordered rehiring at six agencies: the departments of Veterans Affairs, Agriculture, Defense, Energy, the Interior and the Treasury.
His order came in a lawsuit filed by a coalition of labor unions and nonprofit organizations that argued they’d be affected by the reduced manpower.
Alsup, who was appointed by Democratic President Bill Clinton, expressed frustration with what he called the government’s attempt to sidestep laws and regulations by firing probationary workers with fewer legal protections.
He said he was appalled that employees were told they were being fired for poor performance despite receiving glowing evaluations just months earlier.
Attorney Norm Eisen, one of the attorneys representing the plaintiffs, vowed to defend the order. “Our coalition remains committed to ensuring that justice prevails for every affected probationary worker,” he said.
The federal government, on the other hand, said the sweeping order requiring the employees to be rehired goes beyond the judge’s legal authority. The plaintiffs never had legal standing to sue and did not prove that the Office of Personnel Management wrongly directed the firings, the Justice Department argued on appeal.
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Turkish court orders key Erdogan rival jailed pending trial on corruption charges
Court News |
2025/03/21 06:42
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A court formally arrested the mayor of Istanbul, a key rival to President Recep Tayyip Erdogan, on Sunday and ordered him jailed pending the outcome of a trial on corruption charges.
Mayor Ekrem Imamoglu was detained following a raid on his residence earlier this week, sparking the largest wave of street demonstrations in Turkey in more than a decade. It also deepened concerns over democracy and rule of law in Turkey.
His imprisonment is widely regarded as a political move to remove a major contender from the next presidential race, currently scheduled for 2028. Government officials reject the accusations and insist that Turkey’s courts operate independently.
The prosecutor’s office said the court decided to jail Imamoglu on suspicion of running a criminal organization, accepting bribes, extortion, illegally recording personal data and bid-rigging. A request for him to be imprisoned on terror-related charges was rejected although he still faces prosecution. Following the court’s ruling, Imamoglu was transferred to Silivri prison, west of Istanbul.
The Interior Ministry later announced that Imamoglu had been suspended from duty as a “temporary measure.” The municipality had previously appointed an acting mayor from its governing council.
Alongside Imamoglu, 47 other people were also jailed pending trial, including a key aide and two district mayors from Istanbul, one of whom was replaced with a government appointee. A further 44 suspects were released under judicial control.
Interior Minister Ali Yerlikaya said Sunday that 323 people were detained the previous evening over disturbances at protests.
Largely peaceful protests across Turkey have seen hundreds of thousands come out in support of Imamoglu. However, there has been some violence, with police deploying water cannons, tear gas, pepper spray and firing plastic pellets at protesters in Istanbul, Ankara and Izmir, some of whom hurled stones, fireworks and other missiles at riot police.
The formal arrest came as more than 1.5 million members of the opposition Republican People’s Party, or CHP, began holding a primary presidential election to endorse Imamoglu, the sole candidate.
The party has also set up symbolic ballot boxes nationwide to allow people who are not party members to express their support for the mayor. Large crowds gathered early Sunday to cast a “solidarity ballot.”
“This is no longer just a problem of the Republican People’s Party, but a problem of Turkish democracy,” Fusun Erben, 69, said at a polling station in Istanbul’s Kadikoy district. “We do not accept our rights being so easily usurped. We will fight until the end.”
Speaking at a polling station in Bodrum, western Turkey, engineer Mehmet Dayanc, 38, said he feared that “in the end we’ll be like Russia, a country without an opposition, where only a single man participates in elections.”
In a message posted on social media, Imamoglu called on people to show “their struggle for democracy and justice to the entire world” at the ballot box. He warned Erdogan that he would be defeated by “our righteousness, our courage, our humility, our smiling face.”
“Honestly, we are embarrassed in the name of our legal system,” Ankara Mayor Mansur Yavas, a fellow member of Imamoglu’s CHP, told reporters after casting his vote, criticizing the lack of confidentiality in the proceedings.
CHP leader Ozgur Ozel said Imamoglu’s imprisonment was reminiscent of “Italian mafia methods.” Speaking at Istanbul City Hall, he added: “Imamoglu is on the one hand in prison and on the other hand on the way to the presidency.”
The Council of Europe, which focuses on promoting human rights and democracy, slammed the decision and demanded Imamoglu’s immediate release.
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