The United States has announced it will stop collecting tariffs that the Supreme Court ruled illegal, as they were imposed using emergency powers. The US Customs and Border Protection agency said it would deactivate all tariff codes linked to the International Emergency Economic Powers Act by Tuesday at midnight.
The dollar fell 0.4% against a basket of currencies following the news, while gold rose 0.6% to $5,135 an ounce as investors sought safe-haven assets. Bitcoin dropped as much as 4.8% before recovering slightly. Futures tracking the S&P 500 slipped 0.5%.
Top US trade negotiator Jamieson Greer said on Sunday that the Trump administration would persist with its tariffs policy. “The policy hasn’t changed. The legal tools that implement that may change but the policy hasn’t changed,” he said, arguing it gives US business leverage in world trade.
In other news, the Secret Service shot and killed an armed intruder who breached the perimeter of Mar-a-Lago, Donald Trump’s Florida residence, early on Sunday. The intruder was identified as 21-year-old Austin Tucker Martin. The president was not at the property at the time.
Mexican authorities confirmed the death of one of the world’s most wanted drug traffickers, Nemesio Rubén Oseguera Cervantes, known as “El Mencho”, in a security operation in Jalisco. The operation triggered violence across several states.
