5 companies sue Trump over tariffs… California challenges White House over sweeping import tax move

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Trump’s tariffs have injected a large measure of chaos into the markets – so much so that JPMorgan sees only four potential off-ramps to right the ship;

(i) Series of Trade Deals – the key being that one or more need to be completed across the G8 with a China deal being the most impactful

(ii) Another Trump Pivot – this could look like a delay/reduction for China to the 10%, perhaps with Trump’s commitment to fostering a business-friendly environment

(iii) A Legal Injunction – about 2 weeks ago a Charles Koch-backed legal group initiated a lawsuit against Trump challenging Presidential authority over tariffs (BBG)

(iv) Congress Passes a Veto-Proof Law – we have seen two initiative with Republicans crossing the aisle to join Democrats in attempting to halt the trade war but, as of now, the 2/3 necessary in both parts of Congress has not been attained.

While (i) is allegedly in the works, and (ii) could happen depending on which way the wind is blowing at Mar-a-Lago, we’ve now we’ve got (iii) in the works – as five companies have filed a lawsuit against the Trump administration over its decision to tariff nearly every country in the world – arguing that Trump has overstepped his authority.

https://www.zerohedge.com/political/5-companies-sue-trump-over-tariffs