A U.S. federal appeals court has upheld President Trump's sweeping "Liberation Day" tariffs, allowing them to remain in effect while it reviews a lower court's ruling that blocked them. The lower court had found that Trump exceeded his authority. These tariffs affect most U.S. trading partners, including Canada and China. Although the appeals court has yet to decide whether the tariffs comply with the International Emergency Economic Powers Act (IEEPA), it has temporarily suspended the lower court's ruling. On May 28, the U.S. Court of International Trade ruled that only Congress has the...
The United States (US) and China agreed to a preliminary deal on how to implement the consensus the two sides reached in Geneva, per Bloomberg. US negotiators said early Wednesday that they "absolutely expect" that issues around shipments of rare earth minerals and magnets will be resolved with the framework implementation, even though the full details of their deal weren't immediately available. Market reaction At the time of press, the US Dollar Index was down 0.06% on the day at 99.0. Source : Fxstreet
For months, Donald Trump has imposed unprecedented levels of tariffs and trade restrictions on China, part of a strategy to force Xi Jinping into talks that the U.S. president hopes will help cut the trade deficit and boost American manufacturing. With U.S. tariffs soaring to 145% and the Trump administration boasting that it has the upper hand over China, Beijing has turned the tables, essentially halting exports of the one thing the modern world can't live without: rare-earth magnets. As slowing shipments of products containing obscure elements like dysprosium and terbium begin to pinch...