The news: Last Thursday, a federal trade court ruled that President Trump overstepped his authority by using emergency powers to impose broad tariffs, per AP News. Then later in the day, the Federal Circuit Court of Appeals issued a temporary stay, allowing Trump’s global tariffs to remain in effect while the court reviews the case, per Bloomberg.
What’s next? The court has set a briefing schedule through June 9 to consider a more permanent hold. And Trump’s officials warned they may appeal to the US Supreme Court as soon as Friday if lower courts don’t pause the ruling.
Why this matters for banks: Consumers have anxiety about rising prices, and businesses have struggled to keep up with the ever-changing conditions that affect the price of their imports.