A federal judge has overturned a significant portion of the customs duties imposed by Trump, deemed unconstitutional as they were enacted without the approval of Congress.
Un juge fédéral annule les tarifs de Trump
The American bond market has erupted. Following an explosive decision by the International Trade Court annulling a large portion of the customs duties imposed by Donald Trump, the yield on 30-year Treasury bonds has crossed the symbolic 5% mark, while the 10-year yield climbs to 4.50%. The event has had a shockwave effect on global markets.
Une gifle judiciaire pour la Maison-Blanche
The court’s decision is clear: the global tariffs imposed on April 2 by presidential decree are illegal. The panel of judges believes that Trump exceeded his constitutional prerogatives by invoking emergency economic powers to implement a generalized tariff policy. The authority to set import taxes belongs exclusively to Congress, the judgment reminds.
The uniformly applied 10% tariffs, as well as the reciprocal rights targeting certain countries, are therefore annulled. However, specific sectors such as steel or automobiles remain under tariff pressure. The White House has announced its intention to appeal, denouncing a judicial coup and asserting that it is not up to unelected judges to decide on the appropriate response to a national emergency.
Les tensions sino-américaines montent d’un cran
Behind the scenes, the Trump administration is hardening its stance against Beijing. Suspension of critical technology exports, blocking of semiconductor design software, restrictions on Chinese student visas: Washington is accelerating economic decoupling. This confrontational climate has strengthened the rush to the dollar, propelling the DXY index to 100 points.
Senator Ron Wyden, a Democratic figure from Oregon, welcomed the judicial decision: “Trump’s trade tariffs have driven up car and food prices while sabotaging supply chains.” A series of complaints filed by 12 American states and small businesses like wine importer VOS Selections finally forced a change in the presidential tariff strategy.
Une incertitude macroéconomique persistante
Despite the judicial victory, volatility remains extreme. Stock markets regain momentum (S&P 500 +1.5%, Nikkei +1.8%), but Bitcoin and gold remain stagnant, signaling widespread caution. Investors now await the next twist: a revival of the trade war or a diplomatic shift?
