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• Trump Tariff Lawsuit

• U.S. Stocks

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Trump Tariff Lawsuit

A legal organization has filed a lawsuit in the U.S. Court of International Trade challenging President Donald Trump’s broad tariff measures, claiming he exceeded his legal powers. The case, brought by the Liberty Justice Center on behalf of five small importers, argues that only Congress has the constitutional authority to impose taxes such as tariffs. The lawsuit contests both Trump’s April 2 “Liberation Day” duties and separate levies on Chinese goods, asserting the International Emergency Economic Powers Act does not grant the president such powers. A similar case is pending in a Florida court. The suit seeks to halt enforcement of the tariffs and invalidate the executive action.

U.S. Stocks

Stocks edged higher Monday after a volatile session, lifted by a surge in tech shares following President Trump’s unexpected exclusion of phones, computers, and chips from new trade duties. The Dow gained 312 points, while the Nasdaq and S&P 500 each added more than 0.6%. Despite the bounce, uncertainty lingered after Trump clarified the exemptions are temporary, with devices still falling under existing fentanyl-related tariffs. Apple and Dell rallied on the exemption news, and market volatility eased sharply. Still, broader indexes remain significantly lower since the April 2 tariff announcement, with investors questioning whether a bottom has truly been reached.

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