Episode summary
Instant Reaction: Trump’s Global Tariffs Found Illegal by US Appeals Court | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney, Joe Mathieu · Guests: Jeanne Sheehan Zaino, Rick Davis
Summary
A federal appeals court ruled that most of President Donald Trump’s global tariffs were illegal, saying he exceeded his authority by using an emergency law to impose them. The panel upheld the earlier Court of International Trade ruling, but left the tariffs in place while the case continues and sent it back for more review on whether the decision applies broadly or only to the parties in the case.
The guests argued that the ruling was a major setback for the White House, but not necessarily the end of the tariff regime. One guest said the administration still has other tools, including Section 301, and could try to recreate some version of the duties while it appeals. The other guest said the emergency justification was always vulnerable because a trade deficit lasting decades does not look like an emergency.
Both guests emphasized the uncertainty the decision adds for businesses, consumers, and trading partners. They said trade talks are likely to stay on ice, with China and other countries seeing little reason to negotiate until the courts resolve the issue. They also pointed to weak consumer sentiment and rising political pressure on the White House if tariff anxiety keeps showing up in the data.
Key takeaways
- The appeals court said Trump exceeded his authority by using an emergency law to impose the tariffs, but left them in place for now.
- One guest said the administration could try alternative tariff authorities, including Section 301, while the appeal plays out.
- The guests said the ruling increases uncertainty for consumers, businesses, and trading partners and could keep trade talks stalled.
- One guest argued the emergency rationale was weak because the trade deficit has persisted for decades, not as a sudden crisis.
- They said the case is likely headed to the Supreme Court, where the administration may seek a more favorable outcome.
Notable quotes
“The court found the president's global tariffs were found to be illegal”
“The court finding Trump exceeded his authority in imposing the tariffs”
“he does have other mechanisms to uh implement some portion of those tariffs”
“reading the statute, it was very very hard to imagine that the court would that support a declaration of an emergency”
“Limited targeted tariffs make sense in certain situations. Blanket tariffs against our allies when we are supposed to be confronting and competing with China make very little sense”
How the episode opens
You can get the news whenever you want it with Bloomberg News Now. I'm Amy Morris and I'm Karen Moscow here to tell you about our new ondemand news report delivered right to your podcast feed. Bloomberg News Now is a short 5-minute audio report on the day's top stories.
Episodes are published throughout the day with the latest information and data to keep you informed. Yes, there are other products like this from a variety of news organizations, but they usually rerun their radio newscasts throughout the day. That's not what we do.
We create customized episodes that can only be heard on Bloomberg News Now. And we don't wait an hour to publish breaking news. When news breaks, we'll have an episode up in your podcast feed within minutes, so you're always getting the latest stories and developments.
Get the reporting and the context from Bloomberg's 3,000 journalists and analysts. We're all over the world. Listen to the latest from Bloomberg News now on Apple, Spotify, or anywhere you listen. — Bloomberg Audio Studios, podcasts, radio, news.
This is a breaking news update from Bloomberg. Instant reaction and analysis from our 3,000 journalists and analysts around the world. And just moments ago, we got word from a US appeals court.
This is breaking. The court found the president's global tariffs were found to be illegal. The court finding Trump exceeded his authority in imposing the tariffs, upholding an earlier ruling by the court of international trade that ruled Trump wrongfully invoked an emergency law to issue the tariffs.
This is a major development at 5:30 p.m. Eastern time. With us now to discuss that and more, this evening's political panel.
Bloomberg politics contributors Rick Davis, partner at Stone Court Capital, a Republican strategist, alongside Democratic analyst Jeannie Shanzeno, democracy visiting fellow at Harvard's Kennedy School's Ash Center.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- global tariffs
- appeals court ruling
- emergency law authority
- supreme court review
- truth social statement
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Intelligence
-
Instant Reaction: Nvidia CEO Jensen Huang Ousted by Nvidia Board | Bloomberg Intelligence -
Nvidia’s Huang Ousted by Board in Move That Roils AI Economy | Bloomberg Intelligence -
CoreWeave Shares Soar After AI Computing Firm Eases Debt Fears | Bloomberg Intelligence -
Anthropic Targets $1.4 Trillion Valuation in Blockbuster IPO | Bloomberg Intelligence -
Nvidia Probe Into CEO Affair Raises Thorny Questions for AI | Bloomberg Intelligence -
Election 'Blue Wave' & Your Wallet; Navigating AI-Driven Market Volatility | Bloomberg Intelligence
Bloomberg Intelligence, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
