US to stop collecting Trump tariffs ruled illegal by supreme court | First Thing
Dollar slumps and gold rises as authorities say they will halt levies linked to emergency powers but give no word on refunds. Plus, meet some of the people suing the president over civil liberties
Good morning.
Donald Trump’s administration has said it will stop collecting tariffs the supreme court ruled were illegal as they were imposed using emergency powers, as investors attempted to digest the US president’s latest volley of replacement levies.
What’s happening with the stock markets after the news? Gold jumped 0.6% to $5,135 an ounce, its highest level since the end of January, as investors flocked to the safe haven asset, while bitcoin dropped as much as 4.8% to $64,300 before recovering some ground, at $65,734. Futures tracking the US S&P 500 stock market slipped 0.5% on Monday morning.
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Long-mooted plans for high-speed rail could be “shovel-ready” within two years, according to the federal government, which will on Tuesday announce another $230m for further planning work for fast trains between Sydney and Newcastle, as part of the first phase of an eventual east coast bullet train.
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