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A blow to Trump’s trade agenda

Rebecca Morin   Paste BN

How’s it going? Rebecca Morin here. Just in: The Trump temporarily backs down on its directive that revokes Harvard’s ability to enroll international students after a judge sided with Ivy League college.

A federal court nixes Trump’s tariffs

It was a blow to President Donald Trump’s "art of the deal." The Court of International Trade ruled on Wednesday that Trump didn't have the authority to impose the tariffs on imports under the law he cited April 2. While Trump paused most of the tariffs for 90 days to hammer out trade deals with specific countries, the court’s decision removes the leverage Trump sought to bring countries to the negotiating table. The court’s ruling notes that the U.S. Constitution gives Congress the authority to "regulate commerce with foreign nations." The Trump administration has appealed the ruling.

  • The Trump administration says negotiations with countries continue despite the court’s ruling. White House economic adviser Kevin Hassett told Fox Business News that three trade deals were nearly done and he expected more. 
  • U.S. stocks opened higher on Thursday morning following the court ruling that blocked Trump’s tariffs. The markets have seesawed over the past weeks due to the on-again-off-again tariffs. 
  • But Trump has said constantly changing or delaying the tariffs is part of his trade negotiation strategy. He lashed out at a reporter for asking about a new term that financial analysts are embracing: "TACO trade." The acronym stands for "Trump always chickens out" ‒ a jab at the president's propensity to impose or threaten steep tariffs on imports, only to later back off.
  • On Thursday, Trump received another blow to his sweeping tariffs. U.S. District Judge Rudolph Contreras blocked the Trump administration from collecting tariffs from a pair of Illinois toy importers, the second court in two days to nullify the president's top strategy for trade deals.

A politics pit stop

The shadowy rise of Trump's favorite president: Nayib Bukele

Salvadoran leader Nayib Bukele has gained support in Washington for his controversial agreement to hold hundreds of Venezuelans deported from the U.S. in a notorious prison and his reputation to crack down on the notorious MS-13 gang. But Bukele’s rise to near-total control of El Salvador is largely due to deals made with the very gang he’s credited with defeating, according to a U.S. federal indictment, the Treasury Department, regional experts, and Salvadoran media. Leaders of MS-13 negotiated with Bukele ahead of his 2019 presidential landslide and gave him a sometimes violent get-out-the-vote effort in 2021 legislative elections, the U.S. Justice Department has alleged. How MS-13 helped Bukele’s ruthless rise.

Elon Musk says goodbye to DC

For four months, Tesla CEO Elon Musk was seen by President Donald Trump’s side. Now, it’s all coming to an end. Musk, the world’s richest man, has officially left the Trump administration after his designation as a "special government employee" ‒ which allowed him to stay on the job for 130 calendar days a year ‒ ended. Musk had already scaled back his role in the Department of Government Efficiency, which led the efforts to slash the federal government. The White House said the offboarding process has begun. 

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