On Friday, the Supreme Court threw out President Donald Trump's signature emergency-law tariffs, but it did not spell out how the federal government should return the $133 billion already collected from importers. On Saturday, Trump signaled he would try to keep pressure on global trade with a new 15% worldwide rate, a move he framed as new 15% tariff after attacking the ruling.Associated Press reports the justices invalidated Trump's use of the 1977 International Emergency Economic Powers Act, saying the s ...

Core Viewpoint - The Supreme Court ruled that the International Emergency Economic Powers Act of 1977 does not authorize the president to impose tariffs, impacting the legality of tariffs previously imposed by President Trump [1][2]. Group 1: Supreme Court Ruling - The Supreme Court's decision was a 6-3 ruling that questioned the mechanics of how tariffs were imposed under the AIPA [1][6]. - The ruling did not clarify whether companies that paid tariffs would receive refunds, leading to uncertainty among businesses like Costco, which are seeking refunds in lower courts [2][20]. Group 2: Presidential Response - President Trump criticized the ruling, labeling it a disgrace, and announced plans to impose a new 10% global tariff using Section 122 of the Trade Act of 1974, a method that has not been used in this context before [3][4]. - The new tariff is set to last for 150 days, but its legality and potential court challenges remain uncertain [15][16]. Group 3: Tariff Mechanisms - The typical process for imposing tariffs involves a fact-finding study by the Commerce Department or U.S. Trade Representatives, which is time-consuming and involves public review [11][12]. - The administration is expected to continue using this traditional process for sector-specific tariffs, such as those on steel and aluminum, which were not affected by the Supreme Court ruling [22][25]. Group 4: Market Reaction - The market reacted positively to the Supreme Court ruling, as it may reduce the overall tariff burden in the short term, although uncertainty regarding the refund process tempered this reaction [26][27]. - Companies are likely to challenge the ruling in court for refunds, but this process could take months or years to resolve [28].

Core Points - President Trump announced an increase in the worldwide tariff rate from 10% to 15%, effective immediately, as a response to a Supreme Court ruling he criticized [1][2] - The Supreme Court's 6-3 decision stated that the president does not have the authority to impose tariffs under the International Emergency Economic Powers Act, limiting presidential power in this area [3][7] - Public opinion is shifting against Trump's tariff policies, with 60% of Americans supporting the Supreme Court's decision and many linking tariffs to rising consumer prices [8][4] Economic Impact - Trump's tariff strategy has been met with skepticism, as official figures indicated a 95% increase in the trade deficit by November 2025, contradicting claims of improvement [5] - Economists estimate that nearly 90% of the costs associated with tariffs are borne by U.S. companies and consumers rather than foreign exporters [6] - A Pew Research survey found that 53% of U.S. adults believe Trump's policies have negatively impacted the economy, with inflation and tariffs cited as major concerns [4] Political Context - The upcoming midterm elections may influence how candidates address trade and inflation, particularly in light of the Supreme Court ruling and public sentiment regarding consumer costs [9]

And joining us now is Democratic Congressman Brendan Boyle of Pennsylvania He's the ranking member of the Budget Committee. Congressman, great to have you here. Give us your initial reaction to this ruling.Well, I certainly cheer this decision by the Supreme Court. It was correct on the merits. The idea that we have 92 different emergencies simultaneously is, of course, just not believable and not practical.Donald Trump himself was his own witness TARIFTS ON SWITZERLAND. HE SAID HE RAISED TARIFFS ON SWITZER ...

Trade Deficit Overview - The trade deficit surged to $70 billion in December, marking a 33% increase from November [1] - Despite this spike, the overall trend in trade has been positive, with trade deficits generally decreasing over time [2][3] Economic Impact - Net exports have been a significant positive contributor to GDP, which is currently running close to 3% [3] - The trade deficit remains largely unchanged year-over-year, indicating that tariffs have shifted trade rather than significantly altering the deficit [5] Inflation and Economic Projections - Current CPI stands at 2.4%, similar to levels seen in April, suggesting that inflation concerns may have been overstated [8] - The anticipated economic downturn related to trade and inflation has not materialized as expected over the past 10 months [7][9] Future Trade Trends - There are signs of reshoring occurring slowly, contributing positively to trade revenues and improving the budget deficit to GDP ratio, which is now at 5.7% [8] - Projections for the trade deficit suggest limited improvement, with some forecasts indicating a potential increase rather than a decrease [10][11] Treasury Management - The Treasury Secretary has successfully aimed to reduce the budget deficit, and future strategies regarding short-term versus long-term issuance could impact the deficit further [12][13]

Market Overview - Stocks initially moved to the downside but regained some ground during the trading day, with the Nasdaq briefly reaching positive territory. Currently, major averages are posting modest losses: Dow down 194.05 points (0.4%) at 49,468.61, S&P 500 down 17.09 points (0.3%) at 6,864.22, and Nasdaq down 41.09 points (0.2%) at 22,712.54 [1] Company News - Walmart reported fourth quarter results that exceeded analyst estimates but provided weaker than expected earnings guidance for the current year. Despite notable pre-market weakness, Walmart's stock increased by 1.3% during regular trading [2] Economic Indicators - The Labor Department reported that first-time claims for U.S. unemployment benefits fell significantly to 206,000, a decrease of 23,000 from the previous week's revised level of 229,000, which was better than the expected drop to 225,000 [4] - A report from the Commerce Department indicated that the U.S. trade deficit unexpectedly widened in December due to a surge in imports and a slump in exports [5] Sector Performance - Airline stocks experienced a substantial decline, with the NYSE Arca Airline Index dropping by 3.6%. Biotechnology stocks also showed weakness, reflected by a 1.7% loss in the NYSE Arca Biotechnology Index. Conversely, computer hardware stocks performed well, driving the NYSE Arca Computer Hardware Index up by 2.4% [6] - Gold stocks performed strongly, resulting in a 1.9% increase in the NYSE Arca Gold Bugs Index [7] International Markets - In overseas trading, stocks in the Asia-Pacific region mostly moved higher, with Japan's Nikkei 225 Index climbing by 0.6% and South Korea's Kospi surging by 3.1%. However, major European markets moved to the downside, with the German DAX Index down by 0.9%, the U.K.'s FTSE 100 Index down by 0.6%, and the French CAC 40 Index down by 0.5% [8]

By Promit Mukherjee OTTAWA, Feb 19 (Reuters) - Canada's international merchandise trade deficit narrowed in December as exports grew faster than imports, and its share of exports to ‌the United Sates dropped to its lowest level on record barring the COVID-19 ‌months, data showed on Thursday. Statistics Canada said the country posted a C$1.31 billion ($957 million) deficit in December led ​by metals and non-metallic mineral exports. This was in contrast to a revised C$2.59 billion deficit in November. ...

McKinley. Henry Clay. Abraham Lincoln.Alexander Hamilton. These are like the four people on the Mount Rushmore of American Terrors. And we are not in any pivot away from that.We are fully embracing a structural shift engineered by Donald Trump in the entire international global trading system in a way which will make that system better and more prosperous. The problem we've had, Tom, is under the rules, the very rules of the World Trade Organization, specifically the most favored nation rule. Every other na ...

Currency intervention will not cut the risk of financial turmoil emanating from Japan. And in America fear of the trade deficit should not drive policy https://t.co/JD8uALVP4F ...

Yet annual trade deficit is growing, not shrinking ...