Overview

• The Court of Appeals for the Federal Circuit permitted the administration to keep collecting most levies while it appeals a trade court’s ruling that Trump exceeded his authority under the 1977 emergency powers law.
• Tariff revenues have climbed to an annualized pace of about $255 billion, up sharply from the previous norm of roughly $85 billion.
• Treasury Secretary Scott Bessent said high-level discussions with Japan and the U.K. are proceeding in good faith even as talks with China remain stalled.
• Asian stock benchmarks dipped and the yen strengthened as investors weighed the uncertain outlook for U.S. import duties.
• Global markets and central banks are bracing for a European Central Bank rate cut on June 5 and eyeing upcoming U.S. jobs data and an OPEC+ oil output decision.