Trump’s Tariffs Blocked—Federal Court Hands Apple Major Win
To say that Trump’s tariffs threw a spanner in the works in global markets is an understatement. Countries and companies were left scrambling, with some eager to make a deal with the Trump administration to try to lower the tariffs. Even US companies weren’t spared, like Apple, which might have been hit with tariffs of 25% or higher. However, it seems that Apple can breathe a (temporary) sigh of relief as the Federal Court steps in on the tariffs.
Federal Court saves Apple from tariffs
According to a ruling by the Court of International Trade, the court blocked Trump’s sweeping tariffs, claiming that the President had overstepped his authority. The three-judge panel isn’t debating the tariffs’ effectiveness or wisdom. However, it is saying that Trump’s actions go against federal law.
“The court does not pass upon the wisdom or likely effectiveness of the President’s use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it.”
The judges are also ordering the Trump administration to issue new orders that reflect the permanent injunction within 10 days. To no one’s surprise, the Trump administration has filed an appeal and even questioned the court’s authority. However, for now, US companies and international markets can sort of rest easy with this decision.
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In fact, the global markets are responding positively to this news. The US dollar rallied against currencies like the Euro, Japanese Yen, and Swiss Franc. The stock market also rallied, with Wall Street futures rising along with equities across Asia.
Apple gets the last laugh
Throughout Trump’s presidency, Apple has maintained a somewhat tense but cordial relationship with the president. For the most part, Apple has tried its best to remain neutral. It seemed to be working in the past few months. However, the relationship looked sour when Trump tried to push Apple to make its iPhones available in the US.
Apple has repeatedly stated that bringing iPhone production to the US is not feasible. However, this stance has made Trump unhappy. He hinted that if Apple continued making phones in India and China, it could be hit with 25% tariffs or more.
