FT News Briefing Trump’s tariffs in legal limbo
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May 30, 2025 The legal landscape of Trump's controversial tariffs is in turmoil as the White House challenges court rulings that deem them illegal. A former Goldman Sachs banker receives a two-year sentence linked to the high-profile 1MDB scandal. Additionally, the podcast dives into how Wall Street managed to shed billions in debt from Elon Musk’s Twitter acquisition, showcasing the intertwined nature of business, technology, and political influence in today's economy.
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Legal Limits on Trump's Tariffs
- The court ruled Trump exceeded his authority by using the International Emergency Economic Powers Act for tariffs without proving a national emergency.
- This legal challenge complicates Trump's ability to impose tariffs and may lead to Supreme Court decisions on national security powers.
Specific Tariffs Affected
- The ruling targets the Liberation Day tariffs and fentanyl tariffs mainly against China.
- Other tariffs remain in place, so the trade conflict with China and others continues but certain tariffs must be removed.
Tariff Ruling Softens US Negotiating Power
- The EU will negotiate with the US despite uncertainties about which tariffs remain negotiable.
- Without threat of increasing general tariffs, the US loses leverage in talks with the EU and China.