A US federal court blocked President Donald Trump's tariffs on imports from US trade partners, citing that he overstepped his authority. The decision sent the dollar up in safe haven currencies. The White House has appealed the ruling and may take it to the Supreme Court. Analyst Kyle Rodda suggests that Trump's use of emergency powers to implement tariffs was unconstitutional, implying that Congress should have the power to enact tariffs instead.
https://channelnewsasia.com/business/trump-tariffs-blocked-court-us-dollar-stocks-markets-5157996A US court ruled that an unlimited delegation of tariff authority to another branch of government, such as the executive, is unconstitutional. The decision came in a pair of lawsuits filed by the nonpartisan Liberty Justice Centre on behalf of five small US businesses and 13 US states against the Trump administration's tariffs on countries with large trade deficits, including China and the European Union. The court's ruling was seen as a victory for these businesses, which claim that the tariffs will hurt their ability to do business. The Trump administration has appealed the decision, while also temporarily reducing some tariffs on China in an effort to work towards a longer-term trade deal with the country.
https://www.ndtv.com/world-news/us-court-rules-trump-overstepped-his-authority-with-liberation-day-tariffs-on-imports-8533461#pfrom=home-ndtv_topstoriesThe US has maintained a streak of 49 years of trade policy stability, but a recent court decision throws President Trump's trade agenda into turmoil. Former US trade official Wendy Cutler notes that the ruling may cause companies to reassess their supply chains and delay making concessions to the US until there is more legal clarity. The Trade Act of 1974 restricts tariffs to 15% for 150 days with countries running large trade deficits, limiting Trump's power to impose tariffs. Professor Eswar Prasad at Cornell University says the ruling invalidates Trump's use of federal emergency powers and oversteps executive authority, making it clear that unilateral broad tariffs represent an overreach of power.
https://www.euronews.com/business/2025/05/29/what-happens-to-trumps-tariffs-now-a-court-has-knocked-them-downIsrael's permanent representative to the UN, Danny Danon, accused the UN of trying to block aid distribution to Gaza by siding with Hamas and intimidating NGOs participating in a new humanitarian mechanism. The UN has denied these claims, stating it is working to restore supplies allowed by Israeli authorities through two methods: limited entry of UN trucks at the Kerem Shalom border crossing and the "Gaza Humanitarian Foundation" system, which was set up with Israel's support.
https://www.fakti.bg/en/world/974595-hungry-palestinians-storm-un-warehouse-in-gaza-strip-one-deadThe US dollar index surpassed 100, while Asian currencies declined between 0.1% and 0.6%, following a US court's decision to block President Trump from imposing tariffs on trading partners. The ruling, which cited the US Constitution as exclusive authority for Congress to regulate commerce, brought relief to the dollar. However, MUFG Bank warned that tariffs are likely to remain in force during the appeals process, potentially undermining the short-term impact of the ruling and affecting US growth and investment plans.
https://www.brecorder.com/news/40365251/us-court-ruling-on-tariffs-lifts-dollar-dragging-indian-rupee-lowerRussia's Dmitry Peskov described Ukraine's demand for peace conditions as "non-constructive", while Ukraine claims to have already submitted its terms. Turkish President Recep Tayyip Erdogan urged both sides not to shut the door on dialogue ahead of an anticipated meeting in Istanbul, where a prisoner swap was agreed upon during their last talks in May. US President Donald Trump warned that he would determine within two weeks whether Russia's Vladimir Putin is serious about ending the conflict, which has resulted in tens of thousands of deaths and widespread destruction in eastern and southern Ukraine.
https://www.brecorder.com/news/40365288/russia-says-no-response-from-ukraine-on-istanbul-talksThe EU is launching a new package of policy initiatives aimed at enhancing its internal and external security in response to shifting geopolitical dynamics. The strategy includes measures such as ProtectEU, a comprehensive approach to enhance the EU's preparedness for crises, and a European Internal Security Strategy. Additionally, the White Paper on Defence outlines plans to strengthen the EU's military capabilities, while an Action Plan focuses on securing submarine cables vital for global communication networks. Furthermore, initiatives like the European Oceans Pact, European Ports Strategy, and a European Democracy Shield are also part of the package, designed to promote cooperation and resilience in the face of emerging challenges.
https://www.actmedia.eu/daily/new-eu-strategy-for-secure-prosperous-and-resilient-black-sea-region/114125A federal court blocked President Donald Trump's plan to impose sweeping tariffs on imports, dealing a blow to his signature economic policy that had rattled global markets and raised concerns about inflation and an economic slowdown. The decision came after the Federal Reserve held its benchmark lending rate steady at 4.3% in early May, citing elevated risks of both higher unemployment and inflation. The US economy shrank at a 0.2% annual pace in the first quarter of 2025, with imports slowing growth due to companies stockpiling foreign goods before tariffs took effect.
https://www.ocregister.com/2025/05/29/unemployment-benefits-applications-rises/A federal court in Washington has blocked US President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law, citing that he exceeded his authority and left the country's trade policy dependent on his whims. The ruling comes after several lawsuits arguing against Trump's actions, which have caused global financial markets to fluctuate and raised concerns about inflation and economic instability.
https://www.deccanchronicle.com/world/federal-court-blocks-trump-from-imposing-sweeping-tariffs-under-emergency-powers-law-1881985