Bloomberg Daybreak: Europe Edition Trump Global Tariffs Blocked, Musk Leaves DOGE, Nvidia's Upbeat Results
May 29, 2025
A recent ruling by a US trade court has deemed most of Trump’s global tariffs illegal, causing a significant market surge. Nvidia's positive earnings report also boosted investor confidence. Meanwhile, Elon Musk hints at stepping back from his advisory role, raising questions about future efficiency efforts. The Federal Reserve remains cautious amid economic uncertainties, while the UK plans controversial pension fund investments in private markets. This tumultuous mix makes for an intriguing look at today's economic landscape.
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Court Blocks Most Trump Tariffs
- The US trade court ruled most of Trump's global tariffs illegal under the emergency law he cited.
- This decision questions the legality of his global 10% flat tariffs and some related increased rates.
Markets React to Tariff Block
- The court's ruling boosted US and Asian stock markets and strengthened the dollar temporarily.
- Markets had already priced in optimism, so gains may be limited despite the positive sentiment.
Elon Musk Exits Trump Advisory Role
- Elon Musk announced he will step down as an advisor to President Trump as his temporary government worker status expires.
- His departure raises questions about the future of the government efficiency effort he led.