Federal Court Overrules The Appeal That Blocked The Cancellation Of The Reversal Of Trump's Tariffs
This Thursday, in yet another overturn, The Court of Appeals for the Federal Circuit overruled the previous appeal that blocked the cancellation of the reversal of Trump’s “reciprocal” tariffs.
The decision has left investors feeling a wide range of emotions.
“This undermines or bolsters the efforts of investors everywhere. I have no doubt that this will hurt or help the economy in the long run. It’s absurd or perhaps it’s relief,” says Bryan Matthews, head of market strategy at Wells Fargo.
Matthews states he’s both “excited” and “nervous” about the market opening tomorrow and believes stocks will “either go up or down.”
Television personality and financial entertainer Jim Cramer spouted on Mad Money that the decision has deeply affected his thoughts on the market. Cramer up-down-graded his position of tech ETFs to a buy-hold-sell, and stated that the market is “likely to follow a similar pattern.”
White House Press Secretary Karoline Leavitt held a press conference this afternoon in which she was questioned about the court ruling. Using the famous “Schrodinger defense,” Leavitt stated that the decision was in a “superposition of not being within the court’s power and absolutely being within the court’s power” until she understood what it meant.
Trump took to Truth Social following the decision to voice his reaction:
“This overrule decision is a DISASTER for AMERICA. Or maybe it’s a GREAT thing FOR ALL. The HORRIBLE or BEAUTIFUL judges at the Court of Appeals are ENEMIES within or HEROES for the American people! Thank you or go fuck yourself.” Trump wrote.
However, investors shouldn’t get too comfortable; Some Washington officials think it’s only a matter of time before the decision is overruled:
“This will likely be appealed and reversed by an even higher court. Even if the decision sticks, the White House will likely find a workaround, unless the decision was in their favor, in which case they won’t have to,” states Samantha Povenelli, a former U.S. trade official.
White House Deputy Chief of Staff Stephen Miller reportedly is uninterested in the court’s decision Rather, he is happy that “it projects to the world that the United States will have consistent and coherent trade policy,” something which he believes was lacking in previous administrations.
As the markets react to the overturn announcement, theoretical physicists at MIT are diligently working to get to the bottom of what the court decision means:
“We’re very excited. This is a new frontier for physics. The tricky thing when developing a theory to explain this phenomenon is that it’s ever-changing. One day it’s overruled, then the overruling is canceled, and so on. We’re confident that in the next 30 to 50 years we may have an answer that explains our observations.” States Fredrick Solsbury, institute professor of theoretical physics at MIT.