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A federal trade court blocked Trump’s tariffs. You may not have heard of the Court of International Trade before, but you’re about to hear about it a lot: A three-judge panel knocked down most of President Trump’s tariffs yesterday, saying the emergency law he invoked to impose them (the International Emergency Economic Powers Act of 1977) didn’t give him the power to do so. The panel said Congress couldn’t delegate “unbounded tariff power” to the president and that the US trade deficit didn’t meet the law’s definition of an extraordinary threat. The president used the law to impose the so-called reciprocal tariffs on almost all trading partners, as well as additional tariffs on Mexico, Canada, and China. The Trump administration filed a notice saying it plans to appeal, and final say is likely to rest with the Supreme Court.
Nvidia’s sales still ripping despite lack of access to China market. Looks like CEO Jensen Huang isn’t going to regret his logo tattoo after all, since business is good at Nvidia. Yesterday, the chipmaker reported a profit of $18.8 billion, a 26% YoY increase, and $44.1 billion in revenue, a 69% jump. And it expects to keep the good times rolling next quarter, forecasting $45 billion in revenue, despite US restrictions that keep it from sending chips to China, one of the world’s biggest markets. Noting that “half of the world’s AI researchers” are based there, Huang told analysts that “shielding Chinese chip makers from US competition only strengthens them abroad.”
Elon Musk is “disappointed” by the Republican tax bill. Though President Trump has championed the megabill laying out taxes and spending that’s being considered by the Senate after passing the House, his confidant Musk isn’t sold on it because it adds to the deficit and “undermines the work that the DOGE team is doing.” Musk added in an interview clip released by CBS on Tuesday that he thinks “a bill can be big or it could be beautiful, but I don’t know if it could be both.” Then yesterday, Musk announced he was leaving his government role. When asked about Musk’s criticism of the bill, the president noted that negotiations are ongoing, and that compromises had to be made given the lack of support from Democrats and the GOP’s narrow House majority.—AR
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