"Article One Section Eight gives Congress the power over taxes and tariffs. The Constitution is clear," Bacon, a rare Republican critic of Trump, posted to X. Another X user replied to say the 1934 Reciprocal Tariff Act delegated that power to the president when there is a national emergency.

US stock futures edged lower as Wall Street absorbed a fresh wave of tariff uncertainty after a federal appeals court reinstated President Trump's global tariffs.

Good morning. Donald Trump’s tariffs remain in place for now. UK business confidence jumps in May. And read all about cask-strength whiskey in our latest edition of Top Shelf. Listen to the day’s top stories.

For decades, Trump has been convinced that trade tariffs are the answer to many of America's economic problems. He has appeared to welcome the prospect of global trade war sparked by his tariff agenda, insisting that it is by raising the price of imported goods and reviving the US manufacturing sector that he will "Make America Great Again".

(Reuters) -President Donald Trump's administration is considering a stopgap effort to impose tariffs on large parts of the global economy under an existing law that includes language allowing for tariffs of up to 15% for 150 days, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

President Donald Trump’s sweeping tariffs — both those he has threatened and those he has already enacted — have led many economists and American consumers to predict that the US economy could enter a recession while also pushing up inflation.

A concrete tariff would still be a tax — but the surety of it could be better for markets and economies globally in the long run.

Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump’s sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.