00:55:40 EDT Mon 07 Jul 2025
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Algoma Steel Group Inc
Symbol ASTL
Shares Issued 104,933,802
Close 2025-05-29 C$ 7.50
Market Cap C$ 787,003,515
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Globe says Toyota, rivals hear court slap Trump's taxes

2025-05-29 07:04 ET - In the News

See In the News (C-TOYM) Toyota CDR (CAD Hedged)

The Globe and Mail reports in its Thursday edition that the U.S. President does not enjoy "unbounded authority" to impose tariffs as he sees fit, the U.S. Court of International Trade has ruled in a decision that places a strict curb on a tool Donald Trump has used as a cudgel in international relations. The Globe's Nathan VanderKlippe and Adrian Morrow write that the ruling, which will almost certainly be appealed, applies only to tariffs imposed under the International Emergency Economic Powers Act, or IEEPA. Some of the levies Mr. Trump imposed on Canadian imports, including those on steel, aluminum and cars, were set in place under other authorities not covered by the ruling. Still, the unanimous ruling -- written by a panel of three judges, one of them appointed by Mr. Trump -- orders that the U.S. lift the tariffs Mr. Trump placed on Canada and Mexico, on fentanyl-related grounds, as well as global tariffs he ordered on April 2, which he called "Liberation Day." The baseline 10-per-cent tariff imposed on April 2 are "contrary to law," the court ruled. The court rejected the argument that Mr. Trump was exercising political judgment in assessing and responding to an emergency and so was beyond the reach of a court.

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