Best Buy Stock Tumbles as Retailer Lowers Outlook on Tariffs Hit
Best Buy shares tumbled more than 8% to lead S&P 500 decliners Thursday after the electronics retailer lowered its full-year outlook because of tariffs.
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57 minutes ago
What is the Court of International Trade? And why can it strike down Trump's tariffs?
A little-known federal court threw a giant monkey wrench into a foundational part of President Donald Trump's economic agenda by striking down most of the sweeping tariffs he has imposed since taking office. The Court of International Trade, based in New York, on late Wednesday said that Trump had overstepped his authority by using a 1977 law, the International Economic Emergency Powers Act, to justify tariffs on Canada, Mexico, China, and more than 50 other nations. The CIT typically deals with more obscure and highly-technical issues surrounding tariffs and trade policies, and rarely deals with cases of such magnitude.
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