US appeals court keeps Trump's global tariffs in place
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More news: The US Court of Appeals for the Federal Circuit has agreed to allow President Donald Trump’s ‘Liberation Day’ tariffs to remain in place pending an appeal process after they were struck down by a US trade court last month.
The tariffs, which impose at least 10% duties on imports from almost every country, were deemed to be illegal by the US Court of International Trade at the end of May because they overstepped the scope of the president’s authority.
The Court of Appeals initially issued a short-term stay order while it considered motions from the plaintiffs and the government and has now issued a new stay order pending the appeal.
The appeal process has been consolidated with a similar ruling made in the US District Court for the District of Columbia. The two sides must now file a proposed expedited briefing schedule that allows for the next hearing to be held on 31 July.
US and China strike in-principle agreement to ease trade war: reports
The news: The US and China have agreed in principle to a framework for deescalating trade tensions, according to Bloomberg and The Wall Street Journal.
The context: Following two days of talks in London, the US and China delegations will now take the proposal back to their respective leaders, China’s chief trade negotiator Li Chenggang said.
The framework would reportedly restore a consensus both sides agreed to in Geneva last month.
What they said: “We have reached a framework to implement the Geneva consensus,” US Commerce Secretary Howard Lutnick told reporters in London.
“Once the presidents approve it, we will then seek to implement it.”
The sources: Bloomberg, WSJ, US Court of Appeals for the Federal Circuit order
