Courting Trump
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What did the US appeals court decide about Trump’s tariffs?
Donald Trump caught out by a court ruling. That makes a chunk of his tariffs illegal, although the appeals court has said that the tariffs can stay for now. Perhaps the market's assumed as much, which is why they've taken all of this news in their stride. So maybe it's not as big a news item as it sounds. USPCE today, plus retail sales for Australia, and more CPI data from Europe as well, and a data dump from Japan. It's Friday, it's the 30th of May. May twenty twenty five it's the morning call from NAB. Well, US equities marginally up today, just 0.3% for the Dow at the close, not point four percent for the S P and for the NASDAQ. Uh the early rally after the news of Tariffs fell away pretty quickly as the session went on.
Uh picking up as the news of the appeal court uh ruling uh was heard just in the last hour of trade and shares marginally down in Europe. The DAX closed down 0.4%, 0.1% of the FTSE one hundred and the Eurostocks fifty and the CAC. Chiron. And the US dollar has fallen half a percent today to just above ninety-nine point three on the DXY. The Aussie dollar is up 0.3% to 64.5 US cents. The euro is up 0.7%. The pound is up just 0.2%. The yen is up half a percent. And bond yields are down five points lower for 10-year Treasuries, down five basis points in Germany as well. Ten-year guild yields in the UK are down eight basis points. And Aussie ten years yesterday. Today we're at four point three seven per cent.
This morning down below four point three percent on futures, and oil is down one point four percent off WTI, one point one percent off Brent. So difficult to know what to make uh to the market response to today's news that Donald Trump's tariffs well a chunk of them anyway have been declared illegal by the US trade court. Uh the uh that this relates to tariffs. Tariffs that have been uh imposed under emergency laws, the International Economic Emergency Powers Act. The protective tariffs on certain industries are still in the clear, it seems, so they stay. But the across the board tariffs are the concern. Uh but we've got more news on that uh just as we start to record. Nabs Ken Compton is here. So no big market moves despite the big news.
How did US equity and currency markets react to the tariff ruling?
Uh we've talked about little else since April than this. Have we? But I guess the assumption is that he is gonna fight it and if he doesn't win, he'll either ignore the court or find another way. But actually the news in the last half hour or so uh is that they've been put on hold, as he does fight it.
Yeah, that's the latest development there, Phil. And I guess the well the way markets were taking that news anyway, which was out um probably sort of before most of the markets here opened yesterday morning. You know, fixed income markets certainly spiked a a fair bit higher than that, as in yields rose. So there was a there was a fairly sharp reaction there. And I guess it's probably best not to try and draw try and draw too much logic into some of the market reactions to some of these events, with of course, um, you know, high yield Yields being attributed to the imposition of the tariffs and now they're suddenly on pause, um, high yields again. But still that that's the way markets can roll in the short term.
Right. And I guess um yeah, that did see ten year treasury yields again broach that uh sort of four point five percent level during trading yesterday. But yeah, in but I mean the the prev the prevailing market assumption through the day yesterday was of course, as you said, that there would be other ways and means to get these things to get these things done. It was only uh there's been various sort of legislative instruments that have given Trump the executive power to impose to impose these tariffs. And it's just a few of the basis um uh a few of the justifications that that were struck down, particularly the ones sort of surrounding, you know, whether it genuinely is a a state of emergency. So that sort of did bring into question a few of those country tariffs, but other things like um like you know sort of the Section 301 tariffs on sort of.
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Chapters
7 chapters
1
What did the US appeals court decide about Trump’s tariffs?
0:02–2:09
2
How did US equity and currency markets react to the tariff ruling?
2:09–5:09
3
Which tariff provisions were struck down and which remain in force?
5:09–7:38
4
Will Trump’s fight over tariffs affect the expected revenue for the tax cuts?
7:38–9:59
5
What does the latest US economic data (GDP, consumption, jobless claims) reveal?
9:59–11:49
6
How are oil prices moving despite lower US crude inventories?
11:49–14:16
7
What Australian data (retail sales, housing credit, approvals) are investors watching today?
14:16–15:29