Trump Weekly: Trump asks SCOTUS to uphold tariffs after ruled illegal

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 Trump with this weekly recap compiled by The Fly:

ILLEGAL TARIFFS: A U.S. appeals court determined that the majority of President Donald Trump’s tariffs are illegal, Reuters’ Dietrich Knauth reports. The ruling from the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. covered the legality of what the president calls “reciprocal” tariffs imposed in April, as well as a separate slate of levies imposed in February against China, Canada, and Mexico, the author says, noting that the move does not affect tariffs issued under other legal authority, including tariffs on steel and aluminum imports. The case is anticipated to be appealed to the U.S. Supreme Court, the author notes.

TARIFFS: President Donald Trump is asking the U.S. Supreme Court to uphold his global tariffs, seeking review in a case that could affect trade and give him broad new leverage over the world economy, Bloomberg’s Greg Stohr and Zoe Tillman report. The administration has asked the court to take up the case by September 10 and to put it on a highly expedited schedule with arguments in early November.

TARIFFS STILL IN EFFECT: U.S. President Donald Trump said in a post on Truth Social, “ALL TARIFFS ARE STILL IN EFFECT! Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end. If these Tariffs ever went away, it would be a total disaster for the Country. It would make us financially weak, and we have to be strong. The U.S.A. will no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries, friend or foe, that undermine our Manufacturers, Farmers, and everyone else. If allowed to stand, this Decision would literally destroy the United States of America. At the start of this Labor Day weekend, we should all remember that TARIFFS are the best tool to help our Workers, and support Companies that produce great MADE IN AMERICA products. For many years, Tariffs were allowed to be used against us by our uncaring and unwise Politicians. Now, with the help of the United States Supreme Court, we will use them to the benefit of our Nation, and Make America Rich, Strong, and Powerful Again! Thank you for your attention to this matter.”

TARIFFS ON SEMIS: President Donal Trump’s administration will impose tariffs on semiconductor imports from companies that have not shifted production to the U.S., Jeff Mason and Kanishka Singh of Reuters report. “Yeah, I have discussed it with the people here. Chips and semiconductors – we will be putting tariffs on companies that aren’t coming in. We will be putting a tariff very shortly,” Trump told reporters. “We will be putting a very substantial tariff, not that high, but fairly substantial tariff with the understanding that if they come into the country, if they are coming in, building, planning to come in, there will not be a tariff.” Publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

SELF-DRIVING CARS: The Trump administration is planning to make it easier for automakers to deploy self-driving cars by removing requirements designed for human drivers, Keith Laing of Bloomberg reports. The U.S. Department of Transportation is planning to propose three new rules in spring 2026 “to modernize Federal Motor Vehicle Safety Standards for vehicles with automated driving systems.” These rules intend to relax mandates for vehicles without manual controls and don’t use gear shift sticks, defrosting buttons, or certain lighting equipment. Companies in the space include Tesla (TSLA), Google (GOOGL), Amazon (AMZN), Uber (UBER), and General Motors (GM).

BREAK-UP: While Donald Trump’s administration has promised to cut more tech rules in the U.S., his administration is pursuing cases aimed at curbing the market power of Google (GOOGL), Apple (AAPL), Amazon (AMZN), and Meta (META), Stefania Palma and Michael Acton of The Financial Times report. After a federal judge rejected the Department of Justice’s, DOJ, request to break up Google, Gail Slater, head of the DOJ’s antirust division, said, “We’re not done.”

WIND FARM: Orsted A/S (DNNGY) sued the Trump administration in an effort to revive construction of its almost-finished offshore New England wind farm that the government blocked, kicking off what may become a major legal battle over recent policies targeting the industry, Bloomberg’s Erik Larson and Will Mathis report. Orsted’s Revolution Wind unit filed the suit Thursday in federal court in Washington, seeking an order forcing the Trump administration to let it finish the project off the coast of Rhode Island. The Revolution Wind farm was intended to provide energy for hundreds of thousands of homes in the state as well as Connecticut, the publication notes.

FED CHAIR: Treasury Secretary Bessent plans to begin a round of interviews for candidates that would replace Fed Chair Powell as soon as this Friday, The Wall Street Journal’s Brian Schwartz writes, citing people familiar with the matter. The 11 candidates for the post include Fed governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett and former Fed governor Kevin Warsh, the report states.