Markets welcome court ruling against Trump’s tariffs as shares, U.S. dollar, oil gain
The Hindu
U.S. Court blocks Trump's tariffs, markets react positively with futures up, oil prices rising, and dollar strengthening.
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 on Thursday (May 29, 2025), 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 Mr. Trump has cited as his basis for ordering massive increases in import duties, does not authorise the use of tariffs.
The White House immediately appealed and it was unclear if Mr. 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 Mr. Trump's trade war.
The future for the S&P 500 was up 1.7% while that for the Dow Jones Industrial Average gained 1.4%.
Japan’s Nikkei 225 index jumped 1.9% to 38,442.10. America’s largest ally in Asia has been appealing to Mr. Trump to cancel the tariffs he has imposed on imports from Japan and to also halt the 25% tariffs on steel, aluminum, and autos.
The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.98 yen on Thursday, up from 144.87 yen late Wednesday (May 28, 2025).
The U.S. and Kenya sign a $2.5 billion health deal, marking the start of "America First" global health agreements.
Explore the resilience and daily realities of Ukrainians enduring relentless warfare in a country forever changed by conflict.
Trump's envoys engage with Ukraine amid eased sanctions on Russia, seeking to advance peace negotiations following recent talks with Putin.
Explore China's rural revitalization efforts, showcasing poverty alleviation, local spirit, and sustainable development in its diverse landscapes.
UN Security Council delegates visit Syria for the first time since 1945, aiming to build trust and support national reconciliation.
U.S. reduces work permit validity for refugees and asylum seekers to 18 months, citing public safety concerns following recent violence.
U.S. plans to expand travel ban from 19 to over 30 countries, says Homeland Security Secretary Kristi Noem.
Pakistan appoints Asim Munir as its first Chief of Defence Forces, enhancing military command unity and decision-making efficiency.
Pakistan permits U.N. relief supplies to Afghanistan through two border crossings, prioritizing humanitarian aid delivery and container clearance.
Pentagon watchdog warns Hegseth's use of Signal jeopardized U.S. troops by compromising sensitive military information.
The U.K. sanctions Russia's GRU over the Salisbury poisoning, holding Putin accountable for the tragic death of Dawn Sturgess.
FBI arrests a suspect in the 2021 pipe bomb investigation linked to the Jan. 6 Capitol riot.
A Bangladesh tribunal issues an arrest warrant for Sajib Wajed Joy, son of deposed PM Sheikh Hasina, over crimes against humanity.