Trump defends tariff efforts when asked about the “taco trade”
President Trump was asked about the acronym “tacos,” which shortens “Trump Always Chicken Out,” a jab created by financial analysts.
U.S. stock futures are higher after the Federal International Trade Court blocked President Donald Trump’s mutual tariffs.
Trump has stepped up calling the International Emergency Economic Force Act (IEEPA) to impose drastic tariffs, the court said. Trump also said using the trade deficit as a justification to declare a state of national emergency was wrong.
The Department of Justice immediately filed an appeal. Ultimately, the Supreme Court could end up deciding on the case.
At 6:55am ET, futures tied to the Blue Chip Dow added 0.55%, while Broad S&P 500 futures rose 1.15%, while the high-tech Nasdaq futures rose 1.67%.
“The ruling will obviously disrupt the administration’s push to quickly seal off 90 days of trade “trading” from tariffs that are now declared illegal,” wrote Paul Ashworth, North American economist in capital economics. “Other countries are waiting to see if the High Court is willing to reverse this ruling.”
Nvidia is impressed
Nvidia’s first three months of fiscal year outcomes exceeded analyst estimates, even for US export curbs in China.
“In our view, Nvidia remains the premier AI stock for GPUs and the dominant leader,” said Larry Tentareli, chief technical strategist of the Blue Chip Daily Trends Report.
A GPU, or graphics processing unit, is a processor that handles the complex calculations needed to render images and videos, especially those with 3D graphics.
Corporate News
- C3.AI results, results over the past three months of the fiscal year, have surpassed analyst forecasts.
- Salesforce took the lead in street forecasts for first quarter financial results. Sales and customer service software makers also boosted their year-round outlook.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
