President Trump has questioned the EU to join the US in imposing 100% tariffs on India and China to pressure Russia over its war in Ukraine, three officials have declared.
Trump created the request in a call with senior US and EU officials in Washington on Tuesday.
“We’re ready to go, ready to go right now, but we’re only going to do this if our European partners step up with us,” one US official declared.
Meanwhile, the Supreme Court declared Tuesday it would quickly review a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
In an order released Tuesday, the high court put the case on track for oral arguments in early November.
That puts the case on an unusually quick track to resolution, especially given its significant political and economic reverberations.
Trump has suggested that the US may have to “unwind” existing trade deals, including with the European Union, Japan, and South Korea, if the Supreme Court doesn’t uphold his tariffs. In social media posts, he has created clear he is banking on the high court’s conservative majority to uphold his signature trade policy.
The tariffs at stake are the sweeping “reciprocal,” counattempt-specific duties Trump has outlined in various steps this year (which you can see in the graphic below). Those duties range from 10% to 50%. Trump has utilized a 1977 law known as “IEEPA” — the International Emergency Economic Powers Act — to justify imposing the tariffs.
The appeals court allowed the tariffs to stay in place while the case relocates through the legal process.
Elsewhere, postal traffic to the US dropped more than 80% after the Trump administration concludeed the de minimis tariff exemption for low-cost imports, the United Nations postal agency declared Saturday. And on Friday Trump signed an executive order exempting gold, tungsten, and uranium from global tariffs.
Supreme Court agrees to rapid-track Trump tariff case
The Supreme Court declared Tuesday it would quickly review a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as November.
In an order released Tuesday, the high court put the case on track for oral arguments in early November. It sets the stage for a quick, likely final ruling on a key pillar of the president’s second-term agconcludea.
Trump’s “reciprocal” tariffs — the duties at issue in the case — are set to remain in place until the high court builds its decision.
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Japan states lower US tariffs will take effect by Sept. 16
Japan’s top neobtainediator Ryosei Akazawa declared on Tuesday that US tariffs on Japanese goods, including cars and auto parts, will be lowered by Sept. 16.
Vietnam exports to US, imports from China fall in August after tariffs take effect
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A Seoul official has warned that even the shipbuilding partnership is at risk of they fail to reach an agreement.
Leaders of countries that build up the BRICS alliance have continued to decry President Trump’s tariffs and promised to fight against “unjustified and illegal trade practices.”
Trump’s latest tariff shakeup exempts gold, other goods
Early Monday morning, a series of tweaks to Donald Trump’s tariff regime went into effect following an executive order released late Friday. Those adjustments mandated modifys to how an array of goods are impacted by the current “reciprocal” tariff setup.
Most notably, the order excluded “bullion-related articles” from tariffs after Trump promised action last month, as fears that gold bars would be subject to duties briefly unleashed turmoil in gold markets. […]
Overall, it was a notable relocate on Trump’s tariff plans. That’s becautilize this precise “reciprocal” tariff authority the president exercised over the weekconclude has been ruled illegal by two courts — with the Supreme Court likely to build a final decision in the weeks or months ahead.
“This EO is significant,” wrote Ted Murphy, an international trade lawyer at Sidley Austin. He declared the overall message of the order is one of a relocate away from international rules and that “basically, the President will set (and modify) tariffs on his own initiative.”
“If tariffs can modify with 3 days’ notice (over a weekconclude), can a company really plan ahead?” he added. “Probably not.”
China reviews trade law update as tariff barriers rise
China’s top legislative body declared on Monday it has has started reviewing the first update in over 20 years to its foreign trade law, aiming to provide legal support for trade conflict countermeasures.
The revision would let China impose trade bans or restrictions on people or groups seen as a threat to China’s security or sovereignty, according to a report from the Xinhua news agency.
US weighs annual China chip supply approvals for Samsung, Hynix
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Trump’s tariffs leave US business tied up in costly red tape
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