Latest / NO FILTER / Trump Trade Turmoil_ Federal trade court blocks most tariffs(MP3_160K)

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Trump Trade Turmoil_ Federal trade court blocks most tariffs(MP3_160K) · NO FILTER

• 0:00
  Speaker 1: A big legal blow for President trump sweeping tariffs. A
• 0:04
  Speaker 1: three judge federal trade panel has now ruled that the
• 0:07
  Speaker 1: president overstepped his authority with most of the tariffs that
• 0:11
  Speaker 1: he's ruled out this term, including that ten percent rate
• 0:14
  Speaker 1: on basically all trading partners, as well as some of
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  Speaker 1: the steepest tariffs on China. The administration blasting the decision
• 0:22
  Speaker 1: and asking the court to pause it while appeals play out.
• 0:25
  Speaker 1: Here's the President's advisors earlier on this decision.
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  Speaker 2: This is their.
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  Speaker 3: Last line of defense.
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  Speaker 2: We have these unelected judges who are trying to force
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  Speaker 2: their own will when it comes to tax policy, trade policy,
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  Speaker 2: and all matters of the economy.
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  Speaker 3: If there are little hiccups here there because of decisions
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  Speaker 3: that activist judges make, then it shouldn't just concern you
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  Speaker 3: at all, and it's certainly not going to affect the negotiations.
• 0:50
  Speaker 1: Let's bring in NBC New senior business correspondent Christine Romans
• 0:54
  Speaker 1: and Bloomberg reporter Amara Amok, Sorry, Amara emokwag got it? Christine?
• 1:01
  Speaker 1: Who knew that there was this US International Trade Corps?
• 1:04
  Speaker 2: Oh, they've been meeting for a few weeks here now
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  Speaker 2: listening to these arguments and small businesses and states. There
• 1:10
  Speaker 2: are a couple of different cases here where the small
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  Speaker 2: businesses and states went to this court and said, look,
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  Speaker 2: we need you to block these tariffs because the president
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  Speaker 2: doesn't have the power to do this. The President had
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  Speaker 2: used emergency powers for these we're so called reciprocal tariffs,
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  Speaker 2: and the three judge panel, which specializes in trade issues,
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  Speaker 2: agreed and said they need to be blocked. Ten days.
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  Speaker 2: Now the White House has to undo all of them.
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  Speaker 2: And it's so interesting. You heard what Jason Miller said
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  Speaker 2: there about unelected judges, and one of these judges was
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  Speaker 2: appointed by Trump, one by Ronald Reagan, and one by
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  Speaker 2: Barack Obama. So these are trade specialized judges that found
• 1:47
  Speaker 2: that the president does not have the power to put
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  Speaker 2: those tariffs on.
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  Speaker 1: And as you point out, it's a bipartisans anaal of judges,
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  Speaker 1: including two who were nominated by Republican presidents, one by
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  Speaker 1: Trump himself. Amara, we know that this blocks most of
• 2:01
  Speaker 1: the tariffs, but not all. So which ones does this
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  Speaker 1: apply to? Which tariffs are untouched?
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  Speaker 3: Yeah, So, as Christine was mentioning there, it applies to
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  Speaker 3: most of the teriffs that the administration has announced so
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  Speaker 3: far this year, but some do remain in place because
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  Speaker 3: they were implemented using other legal authorities that didn't come
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  Speaker 3: up in this legal case. So, for instance, we still
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  Speaker 3: have those tariffs on steel, autos and aluminum that remain
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  Speaker 3: in place. And I think what this basically shows is
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  Speaker 3: that the question of where these tariffs ultimately settle out
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  Speaker 3: is still very much open. Right. The administration has said
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  Speaker 3: that it plans to appeal this court's decision, and they
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  Speaker 3: do have other authorities under which they can still implement tariffs.
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  Speaker 3: And so the fundamental challenge is challenge facing US businesses
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  Speaker 3: about where these tariffs settle and how they plan and
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  Speaker 3: how they think about their investments and they're hiring and
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  Speaker 3: all those things around these tariffs. There's still a lot
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  Speaker 3: of uncertainty surrounding those questions, and those uncertainties remain.
• 2:56
  Speaker 1: Yeah, Christin, you and I have talked so much about
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  Speaker 1: the tariffs and the impact on supply chain, on the
• 3:02
  Speaker 1: impact on prices at whether it's the grocery store or
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  Speaker 1: somewhere like a target. So how quickly could things be reversed?
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  Speaker 1: Like is the genie going to go back into the bottle?
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  Speaker 2: Now? I still think there's an awful lot of uncertainty,
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  Speaker 2: maybe even more uncertainty because a lot of businesses we're
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  Speaker 2: looking forward to this July ninth date when they were
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  Speaker 2: going to find out what the tariff levels were going
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  Speaker 2: to be on all these dozens of countries. The White
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  Speaker 2: House had said at one point somebody in the White
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  Speaker 2: House that said there'd be ninety deals in ninety days.
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  Speaker 2: We only have one framework of one deal with the
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  Speaker 2: UK right now, so there's a lot of deals to
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  Speaker 2: be done, and so there still is this big uncertainty.
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  Speaker 2: I think the place where you're going to see the
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  Speaker 2: biggest change for small business will be anybody who's importing
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  Speaker 2: stuff from China, because you went now from a thirty
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  Speaker 2: percent tariff to if this stands here, then that tariff.
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  Speaker 2: You don't have that big thirty percent tariff anymore that
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  Speaker 2: the President had put on, and so costs could go
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  Speaker 2: down for anybody importing from China. And I've been talking
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  Speaker 2: to businesses today who are trying to figure out, now,
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  Speaker 2: wait a minute, I've been only buying the bare minimum
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  Speaker 2: because I'm just trying to stay in business and figure
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  Speaker 2: out what prices are going to be down the road. Now,
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  Speaker 2: should I be buying up with a bunch of stuff,
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  Speaker 2: should I So nobody really knows exactly what to do.
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  Speaker 1: I mean, And what about these other countries who are
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  Speaker 1: in negotiations with this administration. You point out the ninety
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  Speaker 1: deals in ninety days, has has a lot left to
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  Speaker 1: come into fruition, and that there's only the UK that
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  Speaker 1: has said, at least on record, we have a deal,
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  Speaker 1: but let's sort out the detail. So do you see
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  Speaker 1: this ruling impacting these negotiations.
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  Speaker 2: I think it is a new variable in these negotiations
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  Speaker 2: because now this takes some leverage away from the president.
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  Speaker 2: This means that these other countries could be saying, okay,
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  Speaker 2: wait a minute, we might have settled for a higher
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  Speaker 2: teri freight before this ruling than we do right now.
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  Speaker 2: So it's a new wrinkle as a negotiations proceed. But
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  Speaker 2: you know, there's a lot of deals to be done
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  Speaker 2: in the White House. Kevin Hassett from White House, you know,
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  Speaker 2: I'm sorry. Navarro, Peter Navarro said earlier today that you know,
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  Speaker 2: countries are still calling, that they are still negotiating. So
• 5:00
  Speaker 2: we'll see where with these deals come up soon.
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  Speaker 1: And right now, Amara, not a ton of market moves
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  Speaker 1: this morning, we did see the futures overnight shot way up,
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  Speaker 1: but you can see just a little up here as
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  Speaker 1: we're looking at the dow of twenty points or so. So,
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  Speaker 1: what does this mean our investors in Corporate America happy
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  Speaker 1: that the three judge panel intervened here or what is
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  Speaker 1: this reaction?
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  Speaker 2: Well?
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  Speaker 3: Yeah, I think this is certainly a lot of businesses
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  Speaker 3: the corporate America. They're going to be breathing a sigh
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  Speaker 3: of relief today because of this ruling. But as we've
• 5:30
  Speaker 3: been talking about, nothing is said in stone. There's still
• 5:33
  Speaker 3: a lot of open questions, and really markets have really
• 5:35
  Speaker 3: been sort of hanging on every trade development, which is
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  Speaker 3: why we've been seeing a lot of volatility in markets
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  Speaker 3: since these reciprocal tariffs were first announced in April. And
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  Speaker 3: I think it just also shows that a lot of
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  Speaker 3: the times, what the administration is trying to accomplish with
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  Speaker 3: these terraffs is really not understood by markets.
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  Speaker 2: Right.
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  Speaker 3: Is it a negotiating tool, is it an effort to
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  Speaker 3: bring manufacturing back to the country. What exactly is the
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  Speaker 3: administration trying to accomplish? Sometimes the aims don't really seem aligned,
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  Speaker 3: and that's why we've seen the markets really kind of
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  Speaker 3: having a lot of volatility and really hanging on every development.
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  Speaker 1: It has been a roller coaster quite literally. Amara Amokway
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  Speaker 1: and Christine Romans, Thank you, ladies, appreciate the conversation and
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  Speaker 1: you're reporting up next.