Trump Reacts to SCOTUS Ruling, EU Will Reassess US Trade Deal, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. Following the Supreme Court's decision to strike down some of President Donald Trump's global tariffs, European Union lawmakers will hold an emergency meeting to reassess the bloc's trade deal with the U.S. The European Parliament's Trade Committee had been expected to vote to move forward with the ratification process of the agreement, but the court's ruling has cast doubt on the timeline and the entire accord. The trade pact would have erased tariffs on most American goods and set a 15 percent tariff on EU products. The reaction from Europe comes after a 6-3 ruling where the Supreme Court said Trump exceeded his authority by invoking a federal emergency powers law to impose his, quote, reciprocal tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.
President Trump had choice words for the justices that voted against the tariffs.
When in fact they're just being fools and lapdogs for the rhinos and the radical left Democrats.
That's President Trump. The White House has said it will quickly replace the levies using other legal tools. The ruling leaves $170 billion or so in already collected tariffs in limbo with the possibility the government would have to pay back the money. Bloomberg's Brendan Murray says companies may have a difficult road ahead following this decision.
It's going to be a bureaucratic nightmare, and if companies don't have their paperwork in order and haven't planned for this, they're just going to be further in the line, and it's going to take even longer. I've seen customs brokers and experts in this area say, we're looking at possibly a year before you ask for your refund request.
That's Bloomberg's Brendan Murray. Meanwhile, California Governor Gavin Newsom, also seen as a potential presidential candidate in 2028, seized on the court's ruling, urging President Trump to return billions of dollars collected under the tariffs. Newsom in a statement said it's, quote, time to pay the piper, Donald. California was among the states that sued over the tariffs. Wall Street reacting to the Supreme Court ruling with the Dow gaining a little under a tenth of a percent, the S&P up around four-tenths of a percent, while the Nasdaq has gained close to two-thirds of one percent. The 10-year Treasury yield is at 4.094, the two years at 3.481. Gold is trading above $5,070 an ounce, while Bitcoin is over $67,600.
President Trump, speaking to reporters earlier at the opening of a breakfast with governors at the White House, says he is considering limited strikes on Iran as a way to ramp up pressure on the regime to make a deal to limit its nuclear program. The U.S. military has been building up a massive armada in the Middle East, including two aircraft carriers, hundreds of fighter jets and refueling tankers, along with thousands of troops. Michael O'Hanlon, military analyst at the Brookings Institute, says the buildup gives the president options.
It's partly, I think, designed to handle any retaliation by Iran against American bases, Jordan, Israel. We're not, therefore, committed to any near-term quick action. President Trump can try to use as negotiating leverage, could undertake a brief strike and then follow it up with a larger strike.
What was President Trump's reaction to the Supreme Court's ruling on tariffs?
That's Michael O'Hanlon, military analyst at the Brookings Institute. The president has said Iran has 10 to 15 days to strike a deal over its nuclear program. Oil prices reacting to the U.S.-Iran tensions, with oil holding near a six-month high, with West Texas Intermediate fluctuating near $66 a barrel, which would be a weekly gain of around 6%.
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