world-economy

Federal Court Strikes Down Trump's 10% Global Tariffs

A federal trade court ruled President Donald Trump's 10% global tariffs unlawful, delivering another setback to the administration's trade policy agenda. The decision comes months after the U.S. Supreme Court vacated earlier tariff measures imposed by the president. Small-scale importers in the spice trade were among those who challenged the levies in court. Meanwhile, broader economic headwinds are mounting. The U.S. recorded a smaller-than-expected budget surplus in April, traditionally a strong revenue month, as individual and corporate tax receipts declined following the administration's tax cut legislation. Geopolitical tensions near the Strait of Hormuz added pressure on energy prices amid market uncertainty.