Morning Business Report: Court blocks Trump global tariffs as Verizon announces job cuts
The latest ruling specifically targets the administration’s 10% tariff on goods imported from nearly every country.
(LILAMAX)- A federal trade court has ruled that President Donald Trump did not have the authority to impose a new round of global tariffs after an earlier tariff package was already struck down by the U.S. Supreme Court in February.
The latest ruling specifically targets the administration’s 10% tariff on goods imported from nearly every country. According to the court, the president exceeded his authority in implementing the sweeping tariff policy. The ruling comes as global markets continue reacting to economic uncertainty tied to ongoing tensions involving Iran and international trade.
Meanwhile, Verizon announced it is cutting several hundred jobs nationwide, affecting less than 1% of the company’s workforce.
The largest share of the layoffs will impact employees at Verizon’s New Jersey headquarters.
The telecommunications company previously eliminated about 13,000 positions in November and says the latest cuts are not related to artificial intelligence.
On Wall Street, stocks mostly fell Thursday as investors weighed strong corporate earnings against concerns about developments in the Middle East.
The Dow Jones Industrial Average dropped more than 300 points during trading.
In sports and entertainment news, FIFA released another batch of tickets for the 2026 World Cup, which will be hosted by the United States, Canada and Mexico beginning June 11. The organization has faced criticism over ticket prices, which are significantly higher than in previous World Cup tournaments. However, prices on third-party resale websites have recently started declining.
Used car prices also fell last month for the first time since October as rising gas prices tied to the Iran conflict continue affecting consumer spending. Cox Automotive says affordability concerns are pushing more buyers toward older used vehicles and electric cars.
