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US trade court rules against new global tariffs Trump imposed after loss at the Supreme Court

WASHINGTON, May 8, 2026 (AP) — A U.S. trade court ruled Thursday against the new global tariffs that President Donald Trump imposed after a stinging loss at the Supreme Court. A split three-judge panel of the Court of International Trade in New York found the 10% global tariffs were illegal after small businesses sued. The court ruled 2-1 that Trump overstepped the tariff power that Congress had allowed the president under the law. The tariffs are “invalid″ and “unauthorized by law,” the majority wrote. The third judge on the panel found the law allows the president more leeway on tariffs.

Stock markets slump in early trade amid fresh tensions in West Asia

Mumbai, May 8 (PTI) Equity markets declined in early trade on Friday as escalating geopolitical tensions in West Asia and rising oil prices weighed heavily on investor sentiment. Foreign fund outflows and a weak trend in global markets further dented investor sentiment. The 30-share BSE Sensex declined 353.50 points to 77,491.02 in early trade. The 50-share NSE Nifty dropped 109.25 points to 24,225.20. The BSE benchmark further fell by 536.66 points to 77,331.75, and the Nifty traded 166.95 points down at 24,170.80. From the 30-Sensex firms, Mahindra & Mahindra, Axis Bank, HDFC Bank, Eternal, Bajaj Finance and Tata Steel were

Rupee falls 45 paise to 94.67 against US dollar in early trade

Mumbai, May 8 (PTI) The rupee depreciated 45 paise to 94.67 against the US dollar in early trade on Friday, as Brent crude prices rose back to USD 101.00 per barrel after US and Iranian forces exchanged fire near the Strait of Hormuz. Forex traders said investor sentiments were affected after Iran accused the US of violating the ceasefire as the US carried out retaliatory strikes with new attacks, which took place in the Strait of Hormuz and civilian areas, while President Donald Trump said the ceasefire was still in effect. Brent oil prices, which had fallen to USD 98

Oil prices jump on renewed US-Iran hostilities

BEIJING, May 8 (Reuters) – Oil prices were up more than 1% on Friday after renewed fighting broke out between the U.S. and Iran, threatening a shaky ​ceasefire and dashing hopes for progress on reopening the Strait of Hormuz, a ‌key oil and gas transit route. Brent crude futures were up $1.41, or 1.41%, at $101.47 a barrel as of 0123 GMT. West Texas Intermediate (WTI) U.S. crude futures rose by $1.12, or 1.18%, to $95.93 a barrel. At the market ​open prices had risen by more than 3%. That snapped three days of declines ​on reports earlier this week

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