Name: U.S. Tariffs Are Still in Place. Here’s What You Need to Know
Uploaded: 2025-05-30T12:47:00Z
Duration: 2 min 20 s
Description: WSJ’s Deputy Finance Editor Quentin Webb explains how trade talks have been impacted by legal challenges to President Trump’s tariffs.

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WSJ’s Deputy Finance Editor Quentin Webb explains how trade talks have been impacted by legal challenges to President Trump’s tariffs. Photo: Carlos Barria/Reuters and Callaghan O'Hare/Bloomberg

https://m.wsj.net/video/20250530/b0525962-0197-43d2-9db7-02bd84eee95b/1/hls/manifest-hd-wifi.m3u8

WSJ’s Deputy Finance Editor Quentin Webb explains how trade talks have been impacted by legal challenges to President Trump’s tariffs.

U.S. Tariffs Are Still in Place. Here’s What You Need to Know

In the last few months, we've become accustomed to very rapid developments in trade and tariff news. But even by those standards, the last couple of days have been pretty striking. Late on Wednesday, a trade court in New York ruled that many of President Trump's international tariffs were illegal, and then in quick response to that, the Trump administration said it would file an appeal and it managed to get that decision stayed for the moment. Treasury Secretary Bessent late Thursday gave an update on the status of trade talks. He said they hadn't been, for the most part, affected by this legal setback, and he said that a couple of very large deals were close. He talked about the fact that a Japanese delegation was coming to see him on Friday morning. He talked about the European Union now showing new urgency in their talks with the US. But he did also acknowledge that when it comes to China, talks are a bit stalled. He said, in fact, that at some point there may need to be direct dialogue between President Trump and his Chinese counterpart, Xi Jinping, in order to get a deal over the line. The market reaction has been relatively muted. There was a certain amount of rallying in markets early on Thursday. Perhaps at the margin investors were taking that as positive news. That sort of faded largely by the end of the US session Thursday. What we've seen overnight in Asian markets early Friday is a bit of a sell-off in large Chinese technology stocks such as Alibaba, which likely reflects some pessimism about the status of US-China trade negotiations given what Secretary Bessent has said. A couple of things we can expect to see going forward. One is administration officials are optimistic that more trade deals will be unveiled soon, so it'll be key to see those deals. What counterparties are they? What baseline tariffs do those countries accept, et cetera. The second thing is, how fast does this legal challenge from the Trump administration progress, and where does it shake out? You know, is it the case that the Trump administration has to turn to alternative legal avenues to pursue its tariff campaign?

Video from around the world on the latest news developments, with insight from Wall Street Journal editors and reporters. 

U.S. Tariffs Are Still in Place. Here’s What You Need to Know

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