Trump's Tariffs In Court, Summers' Stark Warning, US-China Stalemate, And Wood's Reaganomics Comparison: This Week In Economics

Ananya Gairola

June 01, 2025

The past week has been a whirlwind of economic and political news. From a second federal judge blocking President Donald Trump’s emergency tariff powers to former Treasury Secretary Larry Summers issuing a stark warning about America’s fiscal trajectory, the headlines have been filled with significant developments.

Here’s a quick recap of the top stories.

Trump’s Tariff Powers Blocked

A Washington-based federal judge, U.S. District Judge Rudolph Contreras, has ruled against President Trump’s attempt to exercise emergency powers to reshape trade policy. This ruling came just hours after the U.S. Court of International Trade struck down Trump’s tariffs. Contreras stated that the International Emergency Economic Powers Act (IEEPA) does not grant Trump the authority to impose or adjust tariffs without approval from Congress.

Read the full article here.

Larry Summers’ Stark Warning

Former Treasury Secretary Larry Summers has expressed concern over America’s fiscal trajectory, blaming President Trump and the GOP's "One Big, Beautiful Bill." Summers warned that the United States is on the verge of a crisis if current debt trends continue.

Read the full article here.

See Also: Jamie Raskin Wants Trump To Disclose His Crypto Dinner Guest List

Japan’s Tariff Countermeasures

In response to heightened U.S. tariffs, Japan's government has announced a significant economic stimulus package. The government is set to allocate 900 billion yen ($6.3 billion) for emergency economic measures to counteract the adverse effects of increased U.S. tariffs.

Read the full article here.

US-China Trade Talks Stalemate

Trade negotiations between the United States and China have reached an impasse, according to U.S. Treasury Secretary Scott Bessent. Bessent suggested that a final agreement might require direct input from President Donald Trump and China's President Xi Jinping.

Read the full article here.

Cathie Wood’s Reaganomics Comparison

ARK Invest founder Cathie Wood has endorsed the Trump administration's economic policies, comparing them to "Reaganomics on steroids." Wood believes that current policies mirror former President Ronald Reagan’s playbook of deregulation, tax cuts, and lower interest rates.

Read the full article here.

Read Next:

President Trump Proposes $1 Billion For Private Sector Mars Exploration: Report

Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Ananya Gairola

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