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World financial markets welcome court ruling against Trump's tariffs
Legal Business |
2025/05/29 07:25
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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 early Thursday 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 Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs.
The White House immediately appealed and it was unclear if 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 Trump's trade war.
The future for the S&P 500 was up 1.5% while that for the Dow Jones Industrial Average gained 1.2%.
In early European trading, Germany's DAX gained 0.5% to 24,160.75. The CAC 40 in Paris jumped 0.9% to 7,860.67. Britain's FTSE was nearly unchanged at 8,722.63.
Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos.
A U.S. Customs and Border Protection technician examines overseas parcels after they were scanned at the agency's overseas mail inspection facility at Chicago's O'Hare International Airport on Feb. 23, 2024.
The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.40 yen early Thursday, up from 144.87 yen late Wednesday.
A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy.
Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead.
"Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a commentary.
The ruling was, at the least, "a brief respite before the next thunderclap," he said.
Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45.
Australia's S&P/ASX 200 gained 0.2% to 8,409.80.
In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.9% to 2,720.64. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy.
Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%.
On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month.
The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%.
Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed.
The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading.
Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%.
The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. |
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Trump’s sentencing is set for Jan. 10. Here’s what could happen next
Legal Business |
2025/01/03 07:00
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Faced with the never-before-seen dilemma of how, when or even whether to sentence a former and future U.S. president, the judge in President-elect Donald Trump ‘s hush money case made a dramatic decision that could nevertheless bring the case to a muted end.
In a ruling Friday, Manhattan Judge Juan M. Merchan scheduled the sentencing for 10 days before Trump’s inauguration — but the judge indicated that he’s leaning toward a sentence that would amount to just closing the case without any real punishment. He said Trump could attend the Jan. 10 proceeding remotely because of his transition duties.
Still, that would leave Trump headed back to the White House with a felony conviction.
Will it come to that? Trump wants the conviction thrown out and the case dismissed, and communications director Steven Cheung said the president-elect will “keep fighting.” But it’s tough to predict just what will unfold in this unprecedented, unpredictable case. Here are some key questions and what we know about the answers:
Trump was convicted in May of 34 felony counts of falsifying his business’ records. They pertained to a $130,000 payment, made through his former personal lawyer in 2016, to keep porn actor Stormy Daniels from publicizing her story of having had sex with Trump a decade earlier. He denies her claim and says he’s done nothing wrong.
Trump’s sentencing was initially set for July 11. But at his lawyers’ request, the proceeding was postponed twice, eventually landing on a date in late November, after the presidential election. Then Trump won, and Merchan put everything on hold to consider what to do.
That won’t be final until the judge pronounces it, and he noted that by law, he has to give prosecutors and Trump an opportunity to weigh in. The charges carry potential penalties ranging from a fine or probation to up to four years in prison.
But the judge wrote that “the most viable option” appears to be what’s called an unconditional discharge. It wraps up a case without imprisonment, a fine or probation. But an unconditional discharge leaves a defendant’s conviction on the books.
And by law, every person convicted of a felony in New York must provide a DNA sample for the state’s crime databank, even in cases of an unconditional discharge.
Can Trump appeal to stop the sentencing from happening?
It’s murky. Appealing a conviction or sentence is one thing, but the ins and outs of challenging other types of decisions during a case are complicated.
7
Former Manhattan Judge Diane Kiesel said that under New York law, Friday’s ruling can’t be appealed, but that “doesn’t mean he’s not going to try.”
Meanwhile, Trump’s lawyers have been trying to get a federal court to take control of the case. Prosecutors are due to file a response with the U.S. 2nd Circuit Court of Appeals by Jan. 13, three days after Trump now is to be sentenced.
The defense also has suggested it would seek the U.S. Supreme Court’s intervention if Merchan didn’t throw out the case. In a Nov. 25 letter to the judge, Trump’s attorneys contended that the U.S. Constitution permits an appeal to the high court because the defense is making arguments about presidential immunity.
Much of their argument concerns the Supreme Court’s July ruling on that topic, which afforded considerable legal protections to presidents. Trump’s attorneys might try to convince the Supreme Court that it needs to follow up by getting involved now in the hush money case.
A Trump spokesperson said no decision had been made on whether to challenge Merchan’s ruling.
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More than 3,000 fake Gibson guitars seized at Los Angeles port
Legal Business |
2024/12/01 12:06
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More than 3,000 fake Gibson electric guitars shipped from Asia were seized by U.S. Customs and Border Protection agents at the Los Angeles-Long Beach Seaport, authorities said.
Had the guitars been authentic, they would have been worth $18 million, U.S. Customs and Border Protection said in a statement. The agency said Gibson confirmed the guitars that were intercepted were counterfeit.
Gibson, founded in 1894 and based in Nashville, Tennessee, has the top market share in premium electric guitars and all its guitars are handcrafted in Nashville and Bozeman, Montana.
“These fraudulent guitars may look and feel legitimate for unsuspecting consumers buying them from third party online sources, street markets, unauthorized retailers, and person-to-person transactions,” said Cheryl M. Davies, CBP director of field operations in Los Angeles. “As we approach the busy Holiday shopping season, consumers should pay attention on where they are buying these goods and how much they are paying, and if is too good to be true it probably is.”
Gibson guitars have been such a fixture in music history that rock-and-roll visionary Chuck Berry was laid to rest with his instrument, blues musician B.B. King affectionately named his “Lucille,” and rock guitarist Eric Clapton borrowed one from George Harrison to play the solo on the Beatles’ song “While My Guitar Gently Weeps.”
“This is really emotional and personal for us not only because of the protection of our players, but because of our Gibson team at large, including the artisans at our craftories in Nashville, TN and Bozeman, MT, who are generations of American families that have dedicated their entire lives to handcrafting Gibson instruments,” Beth Heidt, chief marketing officer at Gibson, said in a statement.
Authorities announced the seizure Tuesday but didn’t say when the guitars were taken, which country they came from, or who made them.
The investigation involving the U.S. Customs and Border Protection, Homeland Security and the Los Angeles County Sheriff’s Department is ongoing.
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Giuliani says he's a victim of 'political persecution' as he's told again to give up assets
Legal Business |
2024/11/03 08:19
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A defiant Rudy Giuliani was ordered Thursday to quickly turn over prized assets including a car and a watch given to him by his grandfather as part of a $148 million defamation judgment, leading the former New York City mayor to emerge from court saying he expects to win on appeal and get everything back.
After the hearing in Manhattan federal court, Giuliani said he was the victim of a “political vendetta” and he was “pretty sure” the judgment could be reversed.
“This is a case of political persecution,” he told reporters, citing the size of what he described as a punitive judgment. “There isn’t a person (who) doesn’t know the judgment is ridiculous.”
Judge Lewis J. Liman ordered the one-time presidential candidate to report to court after lawyers for the two former Georgia election workers who were awarded the massive judgment visited Giuliani’s Manhattan apartment last week only to discover it had been cleared out weeks earlier.
Lawyers for Ruby Freeman and her daughter, Wandrea “Shaye” Moss, say Giuliani has mostly dodged turning over assets by an Oct. 29 deadline, enabling the longtime ally of once-and-future President Donald Trump to hang on to many of his most treasured belongings.
The possessions include his $5 million Upper East Side apartment, a 1980 Mercedes once owned by movie star Lauren Bacall, a shirt signed by New York Yankees legend Joe DiMaggio, dozens of luxury watches and other valuables.
During Thursday’s hearing, Giuliani attorney Kenneth Caruso said he believed the plaintiffs were being “vindictive” in demanding that items to be turned over include a watch that belonged to Giuliani’s grandfather.
That comment drew a scoff and rebuke from Liman, who said individuals are forced to give up family heirlooms all the time to satisfy debts.
“They have to pay the debt. It doesn’t matter that it’s in the form of a watch or a watch that somebody passes down to him,” the judge said.
Caruso also claimed that the car was worth less than $4,000, an amount that might exempt it from the turnover order. But the judge said he’d already ordered that the car be turned over.
“Your honor has ample discretion to change an order,” Caruso said. When he arrived at the courthouse, Giuliani told reporters that he has not stood in the way of the court’s orders.
“Every bit of property that they want is available, if they are entitled to it,” he said. “Now, the law says they’re not entitled to a lot of them. For example, they want my grandfather’s watch, which is 150 years old. That’s a bit of an heirloom. Usually you don’t get those unless you’re involved in a political persecution. In fact, having me here today is like a political persecution.”
Aaron Nathan, an attorney for the election workers, told Liman that most of the New York apartment’s contents, including art, sports memorabilia and other valuables, had been moved out about four weeks prior to an attempt to recover the materials. Some of was believed stored on Long Island in a container Giuliani’s lawyer said they could not access.
At the hearing, Nathan complained that efforts to get assets were met by “delay and then evasion” and that Giuliani had only recently revealed the existence of new bank accounts containing about $40,000 in cash.
Giuliani spoke directly to the judge at one point, saying he’d been “treated rudely” by those trying to take control of his assets.
His lawyers have so far argued unsuccessfully that Giuliani should not be forced to turn over his belongings while he appeals the judgment.
Giuliani was found liable for defamation for falsely accusing Freeman and Moss of ballot fraud as he pushed Trump’s unsubstantiated election fraud allegations during the 2020 campaign.
The women said they faced death threats after Giuliani accused the two of sneaking in ballots in suitcases, counting ballots multiple times and tampering with voting machines.
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India court restores life prison sentences for 11 Hindu men
Legal Business |
2024/01/08 16:04
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India’s top court on Monday restored life prison sentences for 11 Hindu men who raped a Muslim woman during deadly religious rioting two decades ago and asked the convicts to surrender to the authorities within two weeks.
The Hindu men were convicted in 2008 of rape and murder. They were released in 2022 after serving 14 years in prison.
The victim, who is now in her 40s, was pregnant when she was brutally gang-raped in 2002 in western Gujarat state during communal rioting that was some of India’s worst religious violence with over 1,000 people, mostly Muslims, killed.
Seven members of the woman’s family, including her 3-year-old daughter, were killed during the riots. The Associated Press generally doesn’t identify victims of sexual assault.
The men were eligible for remission of their sentence under a policy that was in place at the time of their convictions. At the time of their release, officials in Gujarat, where Prime Minister Narendra Modi’s Bharatiya Janata Party holds power, had said the convicts were granted remission because they had completed over 14 years in jail.
A revised policy adopted in 2014 by the federal government prohibits remission release for those convicted of certain crimes, including rape and murder.
Following the release of the convicts, the victim had filed a petition with the Supreme Court, saying “the en masse premature release of the convicts… has shaken the conscience of the society.”
The 2002 riots have long hounded Modi, who was Gujarat’s top elected official at the time, amid allegations that authorities allowed and even encouraged the bloodshed. Modi has repeatedly denied having any role and the Supreme Court has said it found no evidence to prosecute him. |
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