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Market Wire, North America

Dollar Slump Continues As Appeals Court Temporarily Reinstates Trump Tariffs

A federal appeals court has temporarily paused implementation of last night’s ruling that voided President Trump’s most wide-ranging tariffs. The US Court of Appeals for the Federal Circuit issued an order this afternoon allowing the administration to keep levies in place until it can hear the Justice Department’s challenge to the lower-court decision, saying “The judgments and the permanent injunctions entered by the Court of International Trade in these cases are temporarily stayed until further notice while this court considers the motions papers”. The plaintiffs in the cases – businesses and state officials – must now prepare briefs by June...

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Markets Soar After Trump Tariffs Are Ruled Illegal

The dollar and equity futures are spiking higher after the US Court of International Trade invalidated many of President Trump’s tariffs on key trading partners, finding in two cases that he had substantially exceeded his authority to impose duties under federal law. Citing the president’s overreach under the 1977 International Emergency Economic Powers Act, a bipartisan panel of three judges this evening suspended the majority of the levies imposed in recent months, including near-universal 10-percent “baseline” tariffs, “reciprocal” measures against a number of countries, and fentanyl-related duties on imports from China, Canada, and Mexico. Other tariffs imposed under different powers,...

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Canadian Dollar Slides as Projections Show Carney’s Liberals Missing Majority

Mark Carney emerged victorious in this evening’s Canadian election – reflecting voter confidence in the Prime Minister’s technocratic background and his commitment to defending the country’s economic sovereignty amid ongoing trade tensions with the United States – but his Liberal Party looks unlikely to achieve a majority, meaning that it will be forced to work with a partner, like the Bloc Quebecois or the New Democratic Party to pass major legislation. An upset is possible, but according to CTV, the early results suggest that the Liberals will fall short of the 172 seats needed to push them over the threshold...

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Peso Jumps As Trump Pauses Tariffs on Mexico

The peso is surging after Donald Trump announced another pause in tariffs on Mexico—only three days after putting them in place. In a post on his social media platform, the president said, “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement. This Agreement is until April 2nd. I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of...

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Mexican Peso, Canadian Dollar, and Chinese Yuan Fall As Trump Renews Tariff Threats

The Mexican peso, Canadian dollar, and Chinese yuan are dropping after Donald Trump renewed tariff threats against the three countries, clarifying (and contradicting) comments made ahead of yesterday’s cabinet meeting. In a post on his social media platform, Truth Social, the president said “Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels. A large percentage of these Drugs, much of them in the form of Fentanyl, are made in, and supplied by, China. More than 100,000 people died last year due to the distribution of these dangerous and highly addictive POISONS. Millions...

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