Trade Court Rules Against New Trump Tariffs

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Daniel Bock· Host0:14

[gentle music] Here's your morning brief for Friday, May 8th. I'm Daniel Bock for the Wall Street Journal. A federal trade court has invalidated President Trump's 10% global tariffs, which he'd imposed after his broader tariff strategy was struck down by the Supreme Court back in February. In a two to one ruling, the Court of International Trade said Trump failed to meet the criteria for imposing the levies under powers meant to address persistent trade imbalances. The ruling's immediate impact could be limited, as Trump had already been planning to replace the time-limited tariffs in July. Still, the administration is expected to appeal the decision. Tensions are flaring again in the Middle East after the US and Iran exchanged fire in the Persian Gulf yesterday. The US military said Iran launched a series of attacks on American warships transiting the Strait of Hormuz, leading it to strike a number of military sites in response. President Trump downplayed the Iranian attacks as a trifle and said a ceasefire remains in effect, though fresh attacks today could test that assessment. And the parent company of British Airways says that higher fuel costs will dent its full year profits even as travel demand remains strong. That forecast comes as new data shows US airlines saw a 56% jump in their fuel bills for March.