A US federal appeals court has temporarily halted a decision that said President Donald Trump’s global tariffs are unlawful. For now, importers must keep paying the 10% duties, while the court reviews the administration’s bid to maintain collections during the appeal. The interim order is likely to add cost and planning uncertainty for businesses reliant on imported goods.
A US trade court ruled Trump’s 10% temporary global tariffs are unjustified under a 1970s trade law, dealing another setback to his tariff push. However, the court only blocked the levies for two private importers and the State of Washington. The decision lands days before Trump is set to discuss trade tensions with Xi Jinping in Beijing.
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The Indian rupee closed nearly unchanged on Wednesday, stuck between two opposing forces. A retreat in crude oil prices offered mild support, but steady dollar demand from local importers, including oil marketing companies, offset the boost. With importer bids continuing to absorb gains, the currency ended flat despite the softer energy price backdrop.
The Indian rupee strengthened as easing oil prices improved currency sentiment and cut hedging costs. With importers facing less pressure on payments, demand dynamics for foreign exchange looked healthier. The combination of lower crude outflows and cheaper risk management is providing short-term relief to market participants watching both inflation and import bills.
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