Court Blocks Most Trump Tariffs, Trump Grows Frustrated With Putin, CPAC Hungary
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What are the recent developments in Trump's tariffs?
A federal court has blocked most of President Trump's tariffs. The judges say the president overstepped his authority when he put tariffs on nearly every country last month. How big of a setback is this for Trump's economic plans? I'm Michelle Martin, and this is Up First from NPR News. President Trump appears increasingly frustrated with Russian leader Vladimir Putin. Trump earlier this week described Putin as absolutely crazy amid Russia's ongoing airstrikes in Ukraine. How does this growing frustration affect any peace negotiations? And one of the largest right-wing political gatherings is getting underway in Eastern Europe. CPAC Hungary will feature leading right-wing voices from Europe and America.
Leila Fadl and her team are on the ground in Budapest with the latest. Stay with us. We'll give you the news you need to start your day.
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How does the court ruling affect Trump's economic plans?
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A federal court has blocked the nearly worldwide tariffs that President Trump ordered last month. The U.S. Court of International Trade says Trump overstepped his authority when he ordered taxes on imports from nearly every other country. If the ruling stands, it would strike down all of the tariffs Trump imposed on April 2nd, along with separate levies on goods from Canada, Mexico, and China, some of which have been temporarily suspended. NPR's Scott Horsley is with us now to tell us more about this. Good morning, Scott.
Good morning, Michelle.
Scott, this sounds big. What's at stake in this case?
The stakes here are enormous. The president has imposed the highest tariffs this country has seen since the Great Depression. And while he has backed off on some of those import taxes, the White House maintains he could reimpose them any time with just a social media post. So a dozen states and five businesses challenged the president's authority to unilaterally levy those taxes. And last night, a specialized trade court handed those challengers a decisive victory. The unanimous three-judge panel ruled that under the Constitution, it's Congress that has exclusive power to regulate trade and impose tariffs. And the court said the 1977 emergency law that Trump has been relying on does not give the president unfettered power to impose taxes on imports from around the world.
They rejected Trump's claims that fentanyl trafficking or persistent trade deficits justify taxing nearly everything the U.S. buys from other countries. And in fact, the judges skipped right over issuing a preliminary injunction and gave the plaintiffs a summary judgment.
How are financial markets reacting?
You know, investors have never liked these tariffs. Every time the president raises import taxes, the stock market tumbles. Every time he backs down, the stock market soars. So Thank you very much. Oregon is one of the states that brought this case, and Oregon's Attorney General, Dan Rayfield, says striking down these tariffs is a win for working families.
We as consumers, we as families, people that are working day in, day out to try and pay their bills, don't have the flexibility in their budget to afford it. And economists were showing this was going to be a $3,800 increase to average household budgets every year. That is a tax on all of us, right? But it's hidden and disguised as a tariff.
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Chapters
7 chapters
1
What are the recent developments in Trump's tariffs?
0:02–1:14
2
How does the court ruling affect Trump's economic plans?
1:14–6:01
3
What is Trump's current stance on Russia and Ukraine?
6:01–6:59
4
How is Trump responding to Putin's actions?
6:59
5
What are the implications of the CPAC Hungary gathering?
0:42–4:56
6
How do tariffs impact American families?
4:56–6:07
7
What will be the outcome of the appeal against the court ruling?
6:07–14:58
Speakers
8 identifiedMore from Up First from NPR
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