Wall Street Breakfast Judges Check Trump’s Trade Authority
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May 29, 2025 A federal court has struck down Trump's tariffs, leading to potential economic shifts. Elon Musk's exit from advisory positions follows his criticism of Trump's tax policies. Meanwhile, Nvidia faces challenges with U.S. export restrictions, revealing how China's AI sector is advancing rapidly without American tech. The podcast delves into these major market influences, highlighting significant stock movements and the broader implications for technology firms.
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Court Limits Trump's Tariff Power
- The U.S. trade court ruled that President Trump exceeded his authority with his April tariffs on over 180 countries and territories.
- The Constitution gives Congress exclusive power over taxes and commerce, limiting presidential tariff imposition.
Musk Exits Trump Govt Role
- Elon Musk stepped down as senior advisor to Trump’s Department of Government Efficiency (DOGE).
- He exited after criticizing Trump's "big, beautiful" tax bill that he said undermined the department's efforts.
China Advances AI Despite U.S. Restrictions
- NVIDIA's CEO said Chinese AI firms advance rapidly without U.S. tech, filling gaps left by export restrictions.
- Chinese companies like Huawei became strong competitors despite U.S. restrictions shutting NVIDIA out of that market.