The Supreme Court is hearing a case regarding President Trump’s use of emergency powers to impose tariffs, a move with significant implications for the global economy. The administration defends the tariffs, arguing they are permissible under emergency law, while challengers, including small businesses and Democratic-leaning states, claim the president overstepped his authority. The core dispute revolves around whether the 1977 emergency powers law grants the president the authority to unilaterally levy tariffs, a power constitutionally reserved for Congress. A ruling against Trump could impact the $195 billion in revenue generated by the tariffs and potentially set the tone for future legal challenges to his policies, despite Trump having appointed a conservative majority to the court.
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The US Senate voted to nullify President Trump’s global tariffs, with four Republicans joining Democrats in a 51-47 vote, marking the third instance of Republican senators opposing Trump’s tariff policies this week. This resolution, intended to end tariffs implemented by executive order, stands as a rebuke to the tariffs themselves and challenges Trump’s bypassing of Congress. This action occurred while Trump was in Asia, where he negotiated a trade deal with China, which included lowering tariffs on goods entering the country. While the Senate has taken a stand, similar action in the House of Representatives is unlikely due to a rule blocking tariff resolutions from receiving a floor vote.
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Senate passes a resolution to end Trump’s global tariffs; four Republicans side with Democrats, a move that’s certainly making waves. This is a symbolic gesture, a vote of disapproval against the trade policies of the former president. However, let’s be realistic here; the practical impact might be minimal. With Speaker Mike Johnson seemingly unlikely to bring it up for a vote in the House, and with Trump almost certain to veto anything that curtails his power, it’s more of a statement than a game-changer.
The fact that any Republicans broke ranks to support the Democrats in this is interesting, to say the least.… Continue reading
As Trump Tariffs Canada, Carney Turns to Asia for Trade.
The fallout from Trump’s trade policies has significantly strained the relationship between Canada and the United States. Many Canadians express frustration and resentment towards the U.S., particularly due to Trump’s tariffs and what they perceive as bullying tactics. The decline in Canadian tourism to the U.S. is a tangible consequence of this soured relationship. This isn’t just a political disagreement; it’s a fundamental shift in sentiment. Many believe Trump’s approach has violated basic principles of diplomacy. The feeling is that Americans, by not standing up to him strongly enough, are enabling his actions.… Continue reading
Last month, the Trump administration justified massive tariffs as addressing an “unusual and extraordinary threat,” yet this weekend, tariffs on Canadian goods were increased by 10% in response to a television ad. The ad, created by Ontario, featured edited remarks from Ronald Reagan, promoting free-market views, which drew criticism from Trump and the Reagan Foundation. Despite Ontario agreeing to remove the ad, Trump retaliated, claiming the ad was a “hostile act” and announced the tariff increase. Treasury Secretary Scott Bessent defended the move, characterizing the ad as “propaganda” and “interference in US sovereign matters.”
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China’s September exports saw an 8.3% increase year-over-year, reaching $328.5 billion, but exports to the United States fell by 27% for the sixth consecutive month. Imports also grew, reaching 7.4%, although the domestic economy faces challenges. Amidst escalating trade tensions, including threats of tariffs and export controls from both sides, a potential meeting between U.S. and Chinese leaders is now at risk. China is expanding markets to Southeast Asia, Latin America, and Africa to counter pressure from U.S. policies.
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AP News reports that China responded to the 100% tariff threat from President Donald Trump by urging the United States to negotiate instead of resorting to tariffs. The Commerce Ministry stated that China is not afraid of a trade war while Trump responded in a less confrontational manner on social media, seemingly focused on not hurting the U.S. financial markets. Vice President JD Vance commented that Trump is committed to protecting America’s economic livelihoods and that the U.S. is prepared to defend itself if China responds aggressively. Both sides have accused the other of violating the spirit of a trade truce.
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Markets just got blindsided — Trump drops 100% China tariffs, and traders are bracing for chaos.
Okay, so here’s the deal: the market just got hit with a curveball, and it seems like everyone is scrambling to figure out what it means. The news is that Trump has “dropped” 100% tariffs on China. The word “dropped” is key here because it can mean a couple of things, and right now, it’s causing a lot of confusion and speculation. Is he ending the tariffs, or are they being *introduced*? The ambiguity is definitely a source of anxiety.
The prevailing sentiment seems to be that traders are not exactly thrilled.… Continue reading
In a significant escalation of the U.S.-China trade war, President Trump announced a 100% tariff on imports from China, effective next month, adding to existing import taxes. These tariffs and export controls on “critical software” were prompted by new Chinese export controls on rare earth metals, which are crucial for numerous industries. The announcement also followed China’s imposition of port fees on U.S.-owned ships in retaliation for U.S. actions, impacting stock markets. The tariffs are expected to further complicate ongoing trade talks between the two nations, especially with a planned meeting between the presidents, while also impacting other economic relationships, such as the TikTok deal.
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In a significant escalation of trade tensions, former President Donald Trump announced plans to impose an additional 100% tariff on Chinese goods, on top of the existing 30% tariffs, potentially starting November 1st. This move is a direct response to China’s increasing export controls on rare earths and comes after months of a trade truce between the two nations. The announcement has already triggered negative reactions from investors, causing major market indexes to plummet on Friday. The potential for further tariffs, coupled with China’s expected retaliation, raises concerns about the impact on the interconnected economies of the United States and China.
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John Q. Hosedrinker 
Matt Underwood