President Donald Trump delivered another jarring reversal in American trade policy Wednesday, suspending for 90 days import taxes he’d imposed barely 13 hours earlier on dozens of countries while escalating his trade war with China. The moves triggered a powerful stock market rally on Wall Street but left businesses, investors and America’s trading partners bewildered about what the president is attempting to achieve.
The U-turn came after the sweeping global tariffs Trump announced last week set off a four-day rout in global financial markets, paralyzed businesses and raised fears the U.S. and world economies would tumble into recession.
White House press secretary Karoline Leavitt tried to characterize the sudden change in policy as part of a grand negotiating strategy. But to those outside the Trump administration, it looked like a cave-in to market pressure and to growing fears that the president’s impetuous use of import taxes — tariffs — would cause massive collateral economic damage.
The Trump administration said Wednesday it would appeal a federal court decision that ordered it to re-admit Associated Press journalists to White House events on First Amendment grounds.
The government filed a notice of appeal early Wednesday afternoon on behalf of the three officials sued by the AP — White House press secretary Karoline Leavitt, White House chief of staff Susan Wiles and deputy chief of staff Taylor Budowich. The one-page notice of appeal gave no other details.
The defendants “respectfully provide notice that they hereby appeal to the United States Court of Appeals for the District of Columbia Circuit,” the notice said.
On Tuesday, U.S. District Judge Trevor N. McFadden, an appointee of President Donald Trump, ruled in favor of the AP, whose reporters and photographers had been excluded from White House events since February because the news agency had decided not to follow the president’s executive order to rename the Gulf of Mexico.
The Prada Group announced a deal Thursday to buy Italy’s Versace from the U.S. luxury group Capri Holdings under terms that value the fashion house at 1.25 billion euros ($1.4 billion).
Prada said the addition of Versace’s “highly recognizable aesthetic … constitutes a strongly complementary addition” to its portfolio, which includes the Prada and Miu Miu fashion brands. It said Milan-based Versace offered “significant untapped growth potential.’’
The final value of the deal will be adjusted at closing, expected in the second half of the year. It will be funded by 1.5 billion euros in new debt and has been approved by the Prada and Capri Holdings board of directors.
“Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s considerable consolidated platform, including industrial capabilities, retail execution and operational expertise,’’ Prada said in a statement.
Abby Madsen can be reached at mads3817@stthomas.
