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World financial markets welcome court ruling against Trump's tariffs
Court News |
2025/05/29 07:23
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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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Cuban exiles were shielded from deportation. Now Trump is cracking down
Court Watch |
2025/05/25 07:23
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Immigration officials said Tomás Hernández worked in high-level posts for Cuba’s foreign intelligence agency for decades before migrating to the United States to pursue the American dream.
The 71-year-old was detained by federal agents outside his Miami-area home in March and accused of hiding his ties to Cuba’s Communist Party when he obtained permanent residency.
Cuban-Americans in South Florida have long clamored for a firmer hand with Havana and the recent apprehensions of Hernández and several other former Cuban officials for deportation have been extremely popular among the politically powerful exile community.
“It’s a political gift to Cuban-American hardliners,” said Eduardo Gamarra, a Latin American expert at Florida International University. But many Cubans fear they could be next on Trump’s list, he said, and “some in the community see it as a betrayal.”
While President Donald Trump’s mass deportation pledge has frightened migrants from many nations, it has come as something of a shock to the 2.4 million Cuban-Americans, who strongly backed the Republican twice and have long enjoyed a place of privilege in the U.S. immigration system.
Amid record arrivals of migrants from the Caribbean island, Trump in March revoked temporary humanitarian parole for about 300,000 Cubans. Many have been detained ahead of possible deportation.
Among those facing deportation is a pro-Trump Cuban rapper behind a hit song “Patria y Vida” — “Homeland and Life” — that became the unofficial anthem of anti-communist protests on the island in 2021 and drew praise from the likes of then Republican Sen. Marco Rubio, now Secretary of State. Eliéxer Márquez, who raps under the name El Funky, said he received notice this month that he had 30 days to leave the U.S.
Thanks to Cold War laws aimed at removing Fidel Castro, Cuban migrants for many decades enjoyed almost automatic refugee status in the U.S. and could obtain green cards a year after entry, unlike migrants from virtually every other country.
Support for Trump among likely Cuban-American voters in Miami was at an all-time high on the eve of last year’s election, according to a poll by Florida International University, which has been tracking the Cuban-American community since 1991. Trump rarely mentions Cubans in his attacks on migrant targets including Venezuelans and Haitians. That has given many Cubans hope that they will remain immune to immigration enforcement actions.
Democrats, meanwhile, have been trying to turn the immigration crackdown to their advantage. In April, grassroots groups erected two giant billboards on Miami highways calling Rubio and Republican Reps. Mario Díaz-Balart, María Elvira Salazar and Carlos Giménez “traitors” to the Cuban-American community for failing to protect tens of thousands of migrants from Trump’s immigration policies.
In March, Giménez sent Homeland Security Secretary Kristi Noem a letter with the names of 108 people he said were former Cuban state agents or Communist Party officials living unlawfully in the U.S.
“It is imperative that the Department of Homeland Security enforce existing U.S. laws to identify, deport and repatriate these individuals who pose a direct threat to our national security, the integrity of our immigration system and the safety of Cuban exiles and American citizens alike,” Giménez wrote, adding that the U.S. remains a “beacon of hope and freedom for those escaping tyranny.”
Giménez’s target list was compiled by Luis Dominguez, who left Cuba in 1971 and has made it his mission to topple Cuba’s government. In 2009, when the internet was still a novelty in Cuba, Dominguez said he posed as a 27-year-old female sports journalist from Colombia to lure Castro’s son Antonio into an online romance.
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Justice Dept. moves to cancel police reform settlements reached with Minneapolis
Topics in Legal News |
2025/05/21 12:32
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The Justice Department moved Wednesday to cancel a settlement with Minneapolis that called for an overhaul of its police department following the murder of George Floyd, as well as a similar agreement with Louisville, Kentucky, saying it doesn’t want to pursue the cases.
Following a scathing report by the Justice Department in 2023, Minneapolis in January approved a consent decree with the federal government in the final days of the Biden administration to overhaul its training and use-of-force policies under court supervision.
The agreement required approval from a federal court in Minnesota. But the Trump administration was granted a delay soon after taking office while it considered its options, and on Wednesday told the court it does not intend to proceed. It planned to file a similar motion in federal court in Kentucky.
“After an extensive review by current Department of Justice and Civil Rights Division leadership, the United States no longer believes that the proposed consent decree would be in the public interest,” said the Minnesota motion, signed by Andrew Darlington, acting chief of the special litigation section of the Justice Department’s Civil Rights Division. “The United States will no longer prosecute this matter.”
The Justice Department announced its decision just before the five-year anniversary of the murder of George Floyd. Then-officer Derek Chauvin used his knee on May 25, 2020, to pin the Black man to the pavement for 9 1/2 minutes in a case that sparked protests around the world and a national reckoning with racism and police brutality.
However, no immediate changes are expected to affect the Minneapolis Police Department, which is operating under a similar consent decree with the Minnesota Human Rights Department.
Minneapolis Police Chief Brian O’Hara reiterated at a news conference Tuesday that his department would abide by the terms of the federal agreement as it was signed, regardless of what the Trump administration decided.
The city in 2023 reached a settlement agreement with the state Human Rights Department to remake policing, under court supervision, after the agency issued a blistering report in 2022 that found that police had long engaged in a pattern of racial discrimination.
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Arizona prosecutors ordered to send fake elector case back to grand jury
Attorney News |
2025/05/18 12:32
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Arizona prosecutors pressing the case against Republicans who are accused of trying to overturn the 2020 election results in President Donald Trump’s favor were dealt a setback when a judge ordered the case be sent back to a grand jury.
Arizona’s fake elector case remains alive after Friday’s ruling by Maricopa County Superior Court Judge Sam Myers, but it’s being sent back to the grand jurors to determine whether there’s probable cause that the defendants committed the crimes.
The decision, first reported by the Washington Post, centered on the Electoral Count Act, a law that governs the certification of a presidential contest and was part of the defendants’ claims they were acting lawfully.
While the law was discussed when the case was presented to the grand jury and the panel asked a witness about the law’s requirements, prosecutors didn’t show the statute’s language to the grand jury, Myers wrote. The judge said a prosecutor has a duty to tell grand jurors all the applicable law and concluded the defendants were denied “a substantial procedural right as guaranteed by Arizona law.”
Richie Taylor, a spokesperson for Arizona Attorney General Kris Mayes, a Democrat whose office is pressing the case in court, said in a statement that prosecutors will appeal the decision. “We vehemently disagree with the court,” Taylor said.
Mel McDonald, a former county judge in metro Phoenix and former U.S. Attorney for Arizona, said courts send cases back to grand juries when prosecutors present misleading or incomplete evidence or didn’t properly instruct panel members on the law.
“They get granted at times. It’s not often,” said McDonald, who isn’t involved in the case.
In all, 18 Republicans were charged with forgery, fraud and conspiracy. The defendants consist of 11 Republicans who submitted a document falsely claiming Trump won Arizona, two former Trump aides and five lawyers connected to the former president, including Rudy Giuliani.
Two defendants have already resolved their cases, while the others have pleaded not guilty to the charges. Trump wasn’t charged in Arizona, but the indictment refers to him as an unindicted coconspirator.
Most of the defendants in the case also are trying to get a court to dismiss their charges under an Arizona law that bars using baseless legal actions in a bid to silence critics.
They argued Mayes tried to use the charges to silence them for their constitutionally protected speech about the 2020 election and actions taken in response to the race’s outcome. Prosecutors said the defendants didn’t have evidence to back up their retaliation claim and that they crossed the line from protected speech to fraud.
Eleven people who had been nominated to be Arizona’s Republican electors met in Phoenix on Dec. 14, 2020, to sign a certificate saying they were “duly elected and qualified” electors and claimed Trump had carried the state in the 2020 election.
President Joe Biden won Arizona by 10,457 votes. A one-minute video of the signing ceremony was posted on social media by the Arizona Republican Party at the time. The document later was sent to Congress and the National Archives, where it was ignored.
Prosecutors in Michigan, Nevada, Georgia and Wisconsin have also filed criminal charges related to the fake electors scheme. |
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Supreme Court could block Trump’s birthright citizenship order
Court News |
2025/05/15 11:59
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The Supreme Court seemed intent Thursday on keeping a block on President Donald Trump’s restrictions on birthright citizenship while looking for a way to scale back nationwide court orders.
It was unclear what such a decision might look like, but a majority of the court expressed concerns about would happen if the Trump administration were allowed, even temporarily, to deny citizenship to children born to people who are in the United States illegally.
The justices heard arguments in the Trump administration’s emergency appeals over lower court orders that have kept the citizenship restrictions on hold across the country. Nationwide, or universal, injunctions have emerged as an important check on Trump’s efforts to remake the government and a mounting frustration to the Republican president and his allies.
Judges have issued 40 nationwide injunctions since Trump began his second term in January, Solicitor General D. John Sauer told the court at the start of more than two hours of arguments.
Birthright citizenship is among several issues, many related to immigration, that the administration has asked the court to address on an emergency basis.
The justices are also considering the Trump administration’s pleas to end humanitarian parole for more than 500,000 people from Cuba, Haiti, Nicaragua and Venezuela and to strip other temporary legal protections from another 350,000 Venezuelans. The administration remains locked in legal battles over its efforts to swiftly deport people accused of being gang members to a prison in El Salvador under an 18th century wartime law called the Alien Enemies Act.
Trump signed an executive order on the first day of his second term that would deny citizenship to children who are born to people who are in the country illegally or temporarily.
The order conflicts with a Supreme Court decision from 1898 that held that the Citizenship Clause of the 14th Amendment made citizens of all children born on U.S. with narrow exceptions that are not at issue in this case.
States, immigrants and rights group sued almost immediately, and lower courts quickly barred enforcement of the order while the lawsuits proceed. The court’s liberal justices seemed firmly in support of the lower court rulings that found the changes to citizenship that Trump wants to make would upset the settled understanding of birthright citizenship that has existed for more than 125 years.
Birthright citizenship is an odd case to use to scale back nationwide injunctions, Justice Elena Kagan said. “Every court has ruled against you,” she told Sauer.
But if the government wins on today’s arguments, it could still enforce the order against people who haven’t sued, Kagan said. “All of those individuals are going to win. And the ones who can’t afford to go to court, they’re the ones who are going to lose,” she said
Several conservative justices who might be open to limiting nationwide injunctions also wanted to know the practical effects of such a decision as well as how quickly the court could reach a final decision on the Trump executive order. |
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