Last mentioned: 2d ago
Tariff Escalation
Administration signals intent to raise tariffs from 10% to 15%.
Subpoenas Rejected
Federal judge quashes DOJ requests for Fed records, citing lack of evidence.
DOJ Response
The U.S. Attorney's Office for D.C. announces intent to appeal the ruling.
Political Reaction
Republican senators label the investigation a 'failed attack' on the Fed.
State Lawsuit Filed
24 states sue over the use of Section 122 to impose new global tariffs.
SCOTUS Ruling
Supreme Court strikes down IEEPA-based tariffs in a 6-3 decision.
Record Revenue
U.S. collects $287B in customs duties for the year, up 192%.
A federal judge has quashed Justice Department subpoenas seeking Federal Reserve records, ruling the investigation was a retaliatory strike against Chair Jerome Powell. The decision marks a significant victory for central bank independence as the DOJ prepares an immediate appeal.
A coalition of 24 states has filed a lawsuit against the Trump administration, alleging that newly imposed 10% global tariffs under Section 122 of the Trade Act of 1974 are unconstitutional. The legal challenge follows a Supreme Court ruling that invalidated previous trade duties, sparking a high-stakes battle over executive authority and economic policy.