Bloomberg Daybreak: US Edition Trump Tariff Court Ruling; Nestle CEO Ousted
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Sep 2, 2025 A federal appeals court ruled that Trump overstepped his authority with global tariffs but allowed them to remain while legal battles unfold. Treasury Secretary Bessent hinted at a potential national housing emergency to address affordability issues ahead of the midterms. In corporate news, Nestlé's CEO was ousted due to a workplace affair, leading to a drop in the company's shares. The ramifications for trade policies and corporate leadership shifts are both significant and timely.
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Court Rules Trump Overstepped Tariff Power
- A federal appeals court found Trump exceeded emergency-law authority to impose global tariffs but left them in place while litigation continues.
- The ruling raises constitutional questions and could end up at the Supreme Court or the Court of International Trade.
Other Trade Tools Can Still Apply
- The administration still has other statutory tools like Section 301 to impose some tariffs without emergency powers.
- That means tariffs may partially persist even if the emergency authority is struck down.
Unconfirmed India Trade Offer Amid Tariffs
- President Trump claimed India offered to eliminate all its tariffs in response to new U.S. penalties, but officials haven't confirmed talks.
- The claim follows 50% levies the White House imposed on Indian goods for Russian oil purchases.