Overview

• The U.S. Court of International Trade ruled on May 28 that President Trump exceeded his legal authority by imposing broad 10% tariffs on all imports.
• The White House has filed an appeal against the court decision to preserve its aggressive tariff strategy.
• Economic adviser Kevin Hassett dismissed the ruling as the work of “activist judges” and expressed confidence in a successful appeal.
• Hassett said three trade agreements are essentially complete and expected to be signed in the coming weeks, though he declined to identify the partner countries.
• Market volatility has increased and the IMF has downgraded global growth forecasts, warning that the escalating trade dispute poses significant economic risks.