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What are the latest developments regarding Trump's tariffs?
On May 29, 2025, the US Court of Appeals temporarily stayed a ruling that invalidated most of President Trump's tariffs. This decision allows the administration to maintain its tariff strategy while the case is reviewed, following a lower court's finding that Trump's tariff authority exceeded legal limits.
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How does the court's ruling affect US trade policy?
The recent court ruling has significant implications for US trade policy. The Court of International Trade previously ruled that Trump lacked the authority to impose tariffs under the International Emergency Economic Powers Act. The appeals court's stay indicates a complex interplay between legal authority and executive power in trade matters, potentially leading to a shift in how tariffs are managed.
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What are the potential consequences for the UK deal?
President Trump announced a doubling of tariffs on steel and aluminium from 25% to 50%, effective June 4. This move raises concerns for the UK, which recently negotiated a trade deal aimed at exempting British steel from such tariffs. UK officials are urgently seeking clarity on the implications of this tariff increase, which could jeopardize the recently negotiated trade deal.
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What is the timeline for the UK to address the new tariffs?
UK Trade Secretary Jonathan Reynolds is set to meet with US counterpart Jamieson Greer to discuss a timeline for exempting the UK from the new tariffs. The urgency of these discussions is heightened by the impending implementation of the tariffs, which could have serious repercussions for the UK steel industry.
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What are the reactions from the European Commission regarding the tariff increase?
The European Commission has expressed regret over the recent tariff increase, warning of potential countermeasures. This indicates that the situation could escalate into broader trade tensions between the US and Europe, affecting international trade dynamics.