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President Donald Trump has been getting his way on trade, strong-arming the European Union, Japan and other partners to accept once unthinkably high taxes on their exports to the United States. But his radical overhaul of American trade policy, in which he's bypassed Congress to slam big tariffs on most of the world's economies, has not gone unchallenged. He's facing at least seven lawsuits charging that he's overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out. And they won Round One. In May, a three-judge panel of the US Court of International Trade, a specialised federal court in New York, ruled that Trump exceeded his powers when he declared a national emergency to plaster taxes tariffs on imports from almost every country in the world. In reaching its decision, the court combined two challenges one by five businesses and one by 12 US states into a single case. Now it goes on to Round Two. On Thursday, the 11 judges on the US Court of Appe
Sweeping tariffs set to be imposed by President Donald Trump next month may cast a pall over his top diplomat's first official trip to Asia this week just as the US seeks to boost relations with Indo-Pacific nations to counter China's growing influence in the region. Trump on Monday sent notice to several countries about higher tariffs if they don't make trade deals with the US, including to a number of Asian countries. The move came just a day before Secretary of State Marco Rubio planned to depart for a Southeast Asian regional security conference in Malaysia. Top diplomats and senior officials from at least eight countries that Trump has targeted for the new tariffs, which would go into effect on Aug 1, will be represented at the annual Association of Southeast Asian Nations Regional Forum in Kuala Lumpur that Rubio will attend on Thursday and Friday. State Department officials say tariffs and trade will not be Rubio's focus during the meetings, which the Trump administration ..
Asian shares were mostly higher Friday ahead of an update on the US job market that will offer insights into how the economy is faring. US futures edged higher and oil prices fell. Tokyo's Nikkei 225 index rose 0.5% to 37,730.67, while the Kospi in South Korea jumped 1.5% to 2,812.05. Hong Kong's Hang Seng lost 0.4% to 23,817.10 and the Shanghai Composite index edged 0.1% higher, to 3,385.91. Australia's S&P/ASX 200 was nearly unchanged at 8,536.40. India's Sensex gained 0.6%. On Thursday, the S&P 500 fell 0.5% to 5,939.30 for its first drop in four days. After sprinting through May and rallying within a couple good days' worth of gains of its all-time high, the index at the center of many 401(k) accounts has lost momentum. The Dow Jones Industrial Average dropped 0.3% to 42,319.74, and the Nasdaq composite sank 0.8% to 19,298.45. The US Labor Department is due to report how many more jobs US employers created than destroyed during May. The expectation on Wall Street is for a