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Trump's latest tariffs faced a blow as a US court determined them to be 'illegal,' temporarily halting their implementation.
It's a rollercoaster ride with President Trump's tariffs! Here's the latest scoop:
Judicial Halts
The U.S. Court of International Trade has put a multi-country tariff plan on hold. On May 28, these 10% tariffs addressing virtually every U.S. trade partner were declared illegal, as they allegedly exceeded the President's authority. The court declared, "We do not read IEEPA [International Emergency Economic Powers Act] to confer such unbounded authority and set aside the challenged tariffs imposed thereunder."
Samsung's Struggle
Recently, Samsung was preparing a Galaxy S25 production spree, confident of avoiding tariffs. However, Trump wants a 25% tariff on phones not assembled in the U.S., a move that could slap Samsung and Apple with steep charges. Reports claim Samsung isn't eager to shoulder the extra costs; instead, it may choose to pass the fee onto consumers.
Legal Loop
The Trump administration plans to challenge the court's decision. In addition, the U.S. Court of International Trade has previously blocked new tariffs against China, Mexico, and Canada. The legal future of Trump's tariffs remains unclear, with experts suggesting significant obstacles for a full reinstatement of the tariffs.
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This month has seen a shift in Samsung's device production plans. Initially clear of tariffs, the company is now under the gun as Trump announced plans for a 25% tax on non-U.S.-made phones, including iPhones and Galaxy phones. This move could drive up prices by approximately 40%, if implemented.
[1] Tariffs Facing a Legal Showdown - ABA Journal[2] The Unfair Trade Practices Tariff and the U.S. Court of International Trade - Forbes[3] Trump's China Tariffs Shot Down by Federal Judge, and More - ABA Journal
- The current administration's 25% tariff plan on non-U.S.-made phones, including Samsung's Galaxy S25 and Apple's iPhones, is facing a potential legal showdown, as the U.S. Court of International Trade has previously blocked similar tariffs against China, Mexico, and Canada, and the Trump administration plans to challenge the court's decision.
- In the realm of finance and investing, the ongoing legal battle over tariffs could significantly impact the business sector, particularly technology companies such as Samsung and Apple, as the legal future of Trump's tariffs remains uncertain, with experts suggesting significant obstacles for a full reinstatement of the tariffs.
- The stock-market may react to the ongoing tariff dispute and its impact on various businesses, especially tech companies. The potential for increased costs due to tariffs and the possibility of those costs being passed onto consumers could influence investor decisions in the stock-market.
- The political landscape, as well as policy-and-legislation and general-news, is filled with discussions around tariffs and trade wars, with war-and-conflicts potentially arising as tensions increase between trade partners. The criminal justice system may also be involved if allegations of exceeding presidential authority persist, as a violation of the International Emergency Economic Powers Act could lead to legal consequences for the responsible parties.
