Trump Trade: U.S. trade court blocks Trump’s global 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:

GLOBAL TARIFFS BLOCKED: The U.S. Court of International Trade has ruled that President Trump does not have the authority under economic emergency legislation to impose sweeping global tariffs. “There is no question here of narrowly tailored relief; if the challenged Tariff Orders are unlawful as to Plaintiffs they are unlawful as to all,” the court’s opinion reads. 

STOP SHIPPING OF GOODS: The U.S. has ordered a wide expanse of companies to stop shipping goods to China without a license and revoked licenses already granted to certain suppliers, Reuters’ Karen Freifeld reports, citing three people familiar with the matter. The new curbs affect machine tools, butane fuel, and aviation equipment, according to the report. 

The Trump administration’s Commerce Department has told U.S. companies that offer software used to design semiconductors – including Cadence (CDNS), Synopsys (SNPS) and Siemens EDA (SIEGY) – to stop selling their Electronic Design Automation services to Chinese groups and to stop supplying their technology to China, reported Financial Times’ Demetri Sevastopulo, Zijing Wu and Michael Acton. The Bureau of Industry and Security, the arm of the U.S. Commerce Department that oversees export controls, issued the directive to the companies via letters, according to several people familiar with the matter.

MUSK LEAVING DOGE: In a post on X, Tesla (TSLA) CEO Elon Musk stated, “As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.” 

AUTO TARIFFS: General Motors (GM) CEO Mary Barra voiced support for President Trump’s tariffs, arguing U.S. automakers face unfair disadvantages in the global marketplace, Christopher Otts of The Wall Street Journal reports. In an interview at The Wall Street Journal’s Future of Everything event, Barra said foreign government subsidies and taxes put American brands at a disadvantage. “For decades now, it has not been a level playing field for us automakers globally, with either tariffs or non-tariff trade barriers. So I think tariffs is one tool that the administration can use to level the playing field,” Barra said, according to the Journal. 

PIPELINE PROJECTS: Following recent talks between President Donald Trump and New York Governor Kathy Hochul, Williams (WMB) is set to try again to build the Constitution and Northeast Supply Enhancement pipelines, which would shuttle natural gas from Appalachian gas fields throughout the Northeast, and plans to file permitting paperwork with federal energy regulators to move forward with the “left-for-dead” natural-gas pipeline projects in New York, people familiar with the matter told The Wall Street Journal‘s Ryan Dezember and Benoit Morenne. 

SETTLEMENT: Paramount (PARA) offered $15M to settle President Donald Trump’s lawsuit alleging CBS News deceitfully edited a Kamala Harris interview, The Wall Street Journal’s Jessica Toonkel and Josh Dawsey report. President Trump is seeking over $25N and a CBS News apology, a source says. CBS has said the broadcast was “not doctored or deceitful.” The parties have discussed a tentative mediation session set for Thursday, the people say.