Morning Business Report: Major court ruling on tariffs, GM’s EV reversal, and backyard makeovers on the rise
The U.S. Court of International Trade ruled that President Trump lacked the authority to impose widespread tariffs on nearly every foreign trading partner.
(LILAMAX)- A sweeping federal court decision is sending shockwaves through the global trade landscape. The U.S. Court of International Trade ruled that President Trump lacked the authority to impose widespread tariffs on nearly every foreign trading partner, a move that had sparked global economic tensions and threatened to destabilize the world economy. The decision effectively voids the controversial levies. In response, attorneys for the Trump administration quickly notified the court of their intent to appeal the ruling.
In the auto sector, General Motors is hitting the brakes on its electric vehicle plans in upstate New York. The company has announced it will redirect its focus at the Tonawanda plant toward V-8 engine production, investing $888 million in the facility. That’s a sharp reversal from the $300 million GM had previously committed to electric vehicle production at the site just two years ago. The move comes amid slowing EV sales industrywide.
Meanwhile, the Federal Reserve signaled continued caution in the face of economic uncertainty. Minutes from the Fed’s most recent meeting revealed officials are holding off on interest rate changes, citing unclear economic impacts from shifting government policies. However, it’s worth noting these minutes predate the easing of trade tensions with China.
On Wall Street, stocks slipped Wednesday as investors reacted to mixed earnings reports and the Fed’s meeting notes. Adding to investor unease were reports that President Trump may soon ban computer chip sales to China — a move that could further rattle tech and global markets.
In the tech world, Meta is reportedly stepping out of the metaverse — and into malls. According to an internal document viewed by Business Insider, the company plans to significantly expand its physical retail presence. In addition to launching six new wearable devices this year, Meta is expected to hire retail staff and broaden its storefront strategy beyond its lone California-based location.
Americans are prioritizing peace and fresh air at home. A new survey by Talker Research, on behalf of Trex Company, has identified backyard sanctuaries as the biggest outdoor living trend for 2025. Four in ten homeowners have concrete plans to renovate their outdoor spaces this year, with many citing the benefits of spending more time outdoors. In fact, 40% of respondents say they already spend at least 30 minutes daily enjoying their yards and patios.
