Business

US court rules many of Trump’s global tariffs are illegal

Published

4 months ago

2025/08/30

Priyan

A US appeals court has ruled that most tariffs issued by US President Donald Trump are illegal, setting up a potential legal showdown that could upend his foreign policy agenda.

The ruling affects Trump’s “reciprocal” tariffs, imposed on most countries around the world, as well as other tariffs slapped on China, Mexico and Canada.

In a 7-4 decision, the US Court of Appeals for the Federal Circuit rejected Trump’s argument that the tariffs were permitted under an emergency economic powers act, calling them “invalid as contrary to law”.

The ruling will not take effect until 14 October to give the administration time to ask the Supreme Court to take up the case.

Trump criticised the appeals court and its ruling on Truth Social, saying: “If allowed to stand, this Decision would literally destroy the United States of America.”

“Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end,” he wrote.

“If these Tariffs ever went away, it would be a total disaster for the Country. It would make us financially weak, and we have to be strong.”

Trump had justified the tariffs under the International Emergency Economic Powers Act (IEEPA), which gives the president the power to act against “unusual and extraordinary” threats.

Trump has declared a national emergency on trade, arguing that a trade imbalance is harmful to US national security. But the court ruled that imposing tariffs is not within the president’s mandate, and that setting levies is “a core Congressional power”.

In its judgement, the US Court of Appeals for the Federal Circuit rejected Trump’s argument that the tariffs were permitted under his emergency economic powers, calling the levies “invalid as contrary to law”.

The 127-page ruling says that the IEEPA “neither mentions tariffs (or any of its synonyms) nor has procedural safeguards that contain clear limits on the President’s power to impose tariffs”.

The power to impose taxes and tariffs therefore continues to belong to Congress, the court ruled, and the IEEPA does not override this.

The court wrote that it is unlikely that when Congress passed the law in 1977, it was intended to “depart from its past practice and grant the President unlimited authority to impose tariffs”.

“Whenever Congress intends to delegate to the President the authority to impose tariffs, it does so explicitly, either by using unequivocal terms like tariff and duty, or via an overall structure which makes clear that Congress is referring to tariffs,” the judges wrote.

The ruling comes in response to two lawsuits filed by small businesses and a coalition of US states.

The lawsuits were filed after Trump’s executive orders in April, which imposed a baseline 10% tariff on almost every country in the world, as well as “reciprocal” tariffs on dozens of countries. Trump declared the date to be America’s “liberation day” from unfair trade policies.

In May, the New York-based Court of International Trade declared the tariffs were unlawful. That decision was put on hold during the appeal process.

In addition to those tariffs, Friday’s ruling also strikes down tariffs on Canada, Mexico and China, which Trump argues are necessary to stop the importation of drugs.

However, the decision does not apply to other tariffs, like those imposed on steel and aluminium, which were brought in under a different presidential authority.

Ahead of the ruling, lawyers for the White House argued that invalidating the tariffs would lead to a 1929-style financial collapse, a stock market crash which led to the Great Depression.

“Suddenly revoking the President’s tariff authority under IEEPA would have catastrophic consequences for our national security, foreign policy, and economy,” they wrote in a letter.

“The President believes that our country would not be able to pay back the trillions of dollars that other countries have already committed to pay, which could lead to financial ruin.”

The ruling also raises questions about deals some nations agreed with the US for reduced tariffs rates.

The latest development means the case is now almost certain to head to the US Supreme Court, which has in recent years taken a sceptical view toward presidents who try to implement sweeping new policies that are not directly authorised by Congress.

During Joe Biden’s presidency, the court expanded on what it called the “major questions doctrine” to invalidate Democratic efforts to use existing laws to limit greenhouse gas emissions by power plants and to forgive student loan debt for millions of Americans.

The top court’s nine justices, if they agree to consider the case, could weigh whether Trump’s expansive tariff programme is another example of presidential overreach or if it is sufficiently grounded in law and presidential authority.

Even though the appellate court handed the president a defeat, the White House may take solace in the fact that only three of the court’s 11 judges were appointed by Republicans.

The Supreme Court has six Republican appointees, including three who were selected by Trump himself.

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Business

David Pieris Group expands global footprint with investment in Dubai-based Navire Logistics

Published

9 hours ago

2025/12/20

Thilina Walpola

The David Pieris Group continues to strengthen its international presence with the acquisition of 50% ownership in Navire Logistics Services L.L.C, (www.navirelogistics.com) a reputed logistics company based in Dubai and Oman. This strategic move marks a significant milestone in the Group’s journey towards expanding its operations beyond Sri Lanka and positioning itself in the international markets.

In Sri Lanka, the Group’s logistics arm, D P Logistics (Private) Limited (DPL), has already established itself as a comprehensive logistics solutions provider — covering warehousing, transportation, freight forwarding, project logistics, inland distribution and custom house brokering.

DPL currently ranks among the top ten players in warehousing and 3PL operations and holds one of the largest container fleets amongst the logistics companies in the country. Despite operating in a highly fragmented freight forwarding market, DPL continues to capture a growing share, reinforcing its reputation as one of the very few local companies with expertise across all logistics disciplines.

David Pieris Group also acquired in 2022, Pulsar Shipping Agencies (Pvt.) Limited, the shipping arm of Expolanka Holdings PLC to expand its Logistics & Shipping Cluster into ship agency, husbandry services and marine logistics.

Leveraging this strong domestic foundation, DPL has now extended its capabilities to the international stage through its partnership with Navire Logistics Services L.L.C. The company’s expertise in custom house brokering, freight forwarding, cargo consolidation, warehousing, and transport solutions will be integrated into Navire Logistics’ operations, enhancing service quality and efficiency across the Middle East and South Asia.

The investment also extends to operations in Oman through a fully owned subsidiary, with further expansion plans already underway to establish operations in Saudi Arabia, Thailand, and India — strengthening the Group’s regional logistics network.

Business

HNB strengthens national response to Cyclone Ditwah

Published

9 hours ago

2025/12/20

Thilina Walpola

HNB Managing Director / CEO, Damith Pallewatte, hands over the donation to Secretary to the President Dr Nandika Sanath Kumanayake , HNB Chief Operating Officer Sanjay Wijemanne is also in the picture

HNB PLC has contributed of Rs. 100 million towards the Rebuild Sri Lanka Fund, reinforcing its commitment to national recovery efforts following the devastation caused by Cyclone Ditwah.

“On behalf of HNB, I wish to convey our solidarity with all our fellow Sri Lankans, especially those severely affected by Cyclone Ditwah. As a home-grown institution, our connection to the communities we serve runs deep. Many of our customers and colleagues have been directly or indirectly affected, and we are committed to standing with them during this difficult time and supporting them as they rebuild.”

“HNB’s contribution to the Rebuild Sri Lanka Fund is a sign of our commitment to this collective mission. We recognize that this is going to be a long and challenging process, but we stand ready and committed to support both the immediate and long-term recovery effort,” HNB Managing Director/ CEO, Damith Pallewatte stated.

Complementing its direct financial support to the Fund, HNB has also launched a nationwide disaster relief initiative as the first phase of a broader, coordinated response from the bank.

As part of the program, the Bank donated over 2,500 essential relief and nutrition packages to support displaced families, with the consignments formally handed over to the Sri Lanka Army to ensure structured, transparent, and equitable distribution across the impacted areas of Kandy, Gampaha, Kaduwela, and Hanwella, while separate packages were provided to affected employees to strengthen their personal recovery.

Business

ComBank ranked No 1 in Business Today’s Top 40 for 2024–25

Published

9 hours ago

2025/12/20

Thilina Walpola

Sharhan Muhseen, Chairman, and Sanath Manatunge, Managing Director/CEO of Commercial Bank

The Commercial Bank of Ceylon has been ranked No 1 in the Business Today Top 40 for 2024–25, reaffirming its position as Sri Lanka’s best-performing bank and one of the country’s top five strongest corporate entities for the 17th consecutive year.

Business Today assigned the Bank an aggregate score of 37.65, placing it at the top of its latest ranking of leading Sri Lankan enterprises.

In its presentation of the rankings, Business Today described Commercial Bank as “a beacon of resilience and renewal after a defining year,” noting that 2024 was shaped by strategic transformation, disciplined execution, and unwavering commitment to long-term sustainable growth. The publication recognised the Bank’s strength across key business lines, its deepened customer focus, and a performance trajectory that reinforced its reputation as Sri Lanka’s most resilient and customer-centric financial institution.

Reflecting on the ranking, Mr Sanath Manatunge, Managing Director/CEO of Commercial Bank said: “Being ranked No 1 in the Business Today Top 40 is a powerful endorsement of the discipline, resilience and purpose with which we steered the Bank through a year of tough conditions and decisive transformation. Our performance in 2024 was defined by navigating turbulence without losing sight of our priorities: strengthening fundamentals, supporting customers, and preparing the institution for long-term growth. This ranking is not merely an award; it is confirmation that our strategy is delivering results and that the Bank is firmly positioned to contribute to national progress with renewed confidence.”

Business Today also highlighted the Bank’s record-breaking financial performance during the year. The magazine quoted Mr Sharhan Muhseen, Chairman of Commercial Bank as saying that the Bank had delivered the highest profits in its history, and attributing this outcome to a disciplined focus on efficiency, digital innovation, and customer-centred transformation. These qualities, the publication stated, enabled the Bank to strengthen its market position and make meaningful contributions to economic recovery.

Among the milestones recognised were an equity capital infusion of Rs. 22.54 billion through a rights issue and the raising of Rs. 20 billion in Tier II capital via a debenture issue.