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Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

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Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

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Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

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Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
Economy

Trump administration can keep collecting its tariffs while legal challenges continue, federal appeals court rules

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Paul Wiseman
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The Associated Press
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June 11, 2025, 4:24 AM ET
President Donald Trump walks down the stairs of Air Force One upon his arrival at Joint Base Andrews, Md., on June 10, 2025.
President Donald Trump walks down the stairs of Air Force One upon his arrival at Joint Base Andrews, Md., on June 10, 2025.Luis M. Alvarez—AP
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A federal appeals court agreed Tuesday to let the government keep collecting President Donald Trump’s sweeping import taxes while challenges to his signature trade policy continue on appeal.

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The decision by the U.S. Court of Appeals for the Federal Circuit extends a similar ruling it made after another federal court struck down the tariffs May 28, saying Trump had overstepped his authority. Noting that the challenges to Trump’s tariffs raise “issues of exceptional importance,” the appeals court said it would expedite the case and hear arguments July 31.

The case involves 10% tariffs the president imposed on almost every country in April and bigger ones he imposed and then suspended on countries with which the United States runs trade deficits. It also involves tariffs Trump plastered on imports from China, Canada and Mexico to pressure them to do more to stop the illegal flow of immigrants and synthetic opioids across the U.S. border.

In declaring the tariffs, Trump had invoked emergency powers under a 1977 law. But a three-judge panel of the U.S. Court of International Trade ruled he had exceeded his power.

The tariffs upended global trade, paralyzed businesses and spooked financial markets.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
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