Trump's tariffs can stay in place while court hears appeal
The latest turn in Trump's tariffs drama saw a federal appeals court reinstate his tariffs plan - after the Court of International Trade on Wednesday ruled that the US president did not have the authority to slap nearly every country with tariffs.
The Court of Appeals accepted the White House's appeal to the earlier ruling - the one that requested they halt their tariffs within 10 days - saying that the tariffs plans could remain in place while the court "considers the motions paper".
While Trump is yet to directly comment - on the trade court ruling yesterday or the appeals court ruling - one of his top advisors, Peter Navarro, took to the White House driveway to say the administration was prepared to take the case "up the chain of command" after the appeals court if necessary. This would mean asking the Supreme Court to rule on the constitutionality of its tariff plan.
Meanwhile, here's a quick reminder of what the markets looked like earlier today, following the trade court's ruling last yesterday:
Asia's markets were up, with Japan's Nikkei 225 index up by 1.9%, Hong Kong's Hang Seng by 1.1%, and South Korea's Kospi index by 1.8%
When the UK markets opened, the FTSE 100 was up by about 0.3%, but flattened within hours - while the pound was down 0.1% and trading between $1.34 and $1.35
The US markets also opened in positive territory, with the Nasdaq up 1.1%, the Dow Jones rising 0.2%, and S&P 500 gaining about 0.9%
