Trade Court Ruling Boosts Wall Street Confidence
The U.S. trade court blocked most of President Trump's proposed tariffs, empowering Congress's authority over foreign commerce. Nvidia shares jumped on strong earnings despite export worries. Other stocks, including Apple and Meta, surged as Wall Street experienced significant gains. The ruling could reshape U.S. economic strategies globally.
Wall Street futures rose on Thursday following a U.S. trade court's decision to block most of President Donald Trump's proposed tariffs, a move seen as affirming Congress's exclusive power to regulate foreign commerce. This development was complemented by Nvidia's strong quarterly revenue, boosting the company's shares.
The Court of International Trade's ruling highlighted constitutional boundaries, indicating that the president's emergency powers do not override Congress's authority. Analysts believe this weakens Trump's negotiating stance with trading partners. While the decision can be appealed, its immediate impact voids tariffs implemented since January under the IEEPA.
In market reactions, Nvidia's shares climbed 5.4% despite anticipating a drop in sales due to upcoming export restrictions to China. Among other tech stocks, Advanced Micro Devices and the VanEck Semiconductor ETF also saw gains. Overall, this month has been favorable for equities, with major indices tracking significant growth.
(With inputs from agencies.)
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