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Trump Trade: Appeals court temporarily halts ruling against tariffs

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

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TRUMP TARIFFS: After the United States Court of International Trade entered judgment against the United States and permanently enjoined certain Executive Orders imposing various tariffs, the United States moved to consolidate its appeals from those rulings and has applied for the U.S. Court of Appeals for the Federal Circuit to stay the judgment and injunction pending these appeals and for an immediate administrative stay while the court considers that motion. The United States’ request for the Court of International Trade to grant the same relief remains pending before that court. The appeals court ordered that the motions to consolidate are granted and the request for an immediate administrative stay is granted to the extent that 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, a ruling posted to the site of the court stated.

CHINA TRADE: President Donald Trump stated in a post to Truth Social, “Two weeks ago China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World. We went, in effect, COLD TURKEY with China, and it was devastating for them. Many factories closed and there was, to put it mildly, “civil unrest.” I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!”

CHIP EXPORT: The Trump administration has suspended sales of more U.S. technology, including chips and jet engines, in response to China’s critical mineral export restrictions, The New York Times’ Ana Swanson reports. The new U.S. restrictions appear to be part of a broader review within the Commerce Department of exports of strategic goods to China. Publicly traded companies in the chip space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

PRICE HIKE: Hyundai Motor (HYMTF) is preparing to increase the price of all of its U.S. vehicles as the automaker looks to cushion the blow from tariffs imposed by President Donald Trump, according to people familiar with the matter, Bloomberg’s Gabrielle Coppola reports. The South Korean manufacturer is considering a 1% increase to the suggested retail price of every model in its lineup starting as soon as next week, said the people. The move would apply to newly built vehicles, leaving cars already sitting on dealership lots unaffected, the author notes. In addition, the company is likely to raise shipping charges and the fees for options such as floor mats and roof rails that are installed before cars arrive at retailers to avoid further raising the base price of its vehicles, the people said. Other publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).

INVESTMENT IN U.S.: Volkswagen is holding “fair” and “constructive” discussions with the U.S. government over tariffs and wants to make more investments in the country, Reuters reports, citing German newspaper Sueddeutsche Zeitung. Volkswagen is planning to produce some models of its Audi brand in the U.S., although the brand has said this plan pre-dates the Trump administration.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

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