The U.S. Court of International Trade has ordered the Trump Administration to repeal reciprocal tariffs implemented on April 2, ruling them illegal due to an overreach of presidential authority under the 1977 International Emergency Powers Act. While tariffs on aluminum and steel imports remain, this decision affects various tariffs against Canada, Mexico, and China. In business news, Nvidia reported mixed earnings, with profits below expectations but sales surpassing forecasts, leading to a positive market reaction. The article suggests investors are cautiously optimistic about market performance amid these developments.
In a shocking development, the U.S. Court of International Trade declared President Trump's April 2 'reciprocal tariffs' illegal, citing that he exceeded his authority to regulate importation.
The court ruled that Trump's tariffs against Canada, Mexico, and China do not address the threats outlined in the orders related to fentanyl.
Investors reacted positively to Nvidia's earnings report, viewing the mixed results as optimistic despite missing earnings forecasts, with sales beating expectations.
Nvidia expects $45 billion in Q2 revenue, which is below forecasts, contributing to a cautious outlook amidst their optimistic sales figures.
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