The Trump administration is facing a major legal challenge at the US Supreme Court regarding the legality of its tariffs, with small businesses and states contending the tariffs are illegal and demanding refunds for billions collected. The outcome could significantly impact Trump's trade strategy and presidential power.

• Over $90 billion worth of import taxes are at stake, potentially swelling to $1 trillion by June if the court's decision is delayed.
• Learning Resources, a US toy seller, faces $14 million in tariffs this year, a seven-fold increase from 2024.
• The case concerns tariffs imposed using the 1977 International Emergency Economic Powers Act (IEEPA), which opponents argue does not authorize tariffs and bypasses congressional authority.

The White House announced that China will ease its export ban on automotive computer chips, a key component of a new trade deal struck between US President Donald Trump and Chinese President Xi Jinping.

• The deal also includes agreements on US soybean exports, rare earth minerals, and materials used in the production of the drug fentanyl.
• China committed to buying 12 million tonnes of US soybeans in the last two months of 2025, and 25 million metric tonnes annually for the following three years.
• The agreement de-escalates a trade war, with China pausing export controls on rare earth minerals for a year and the US lowering tariffs on fentanyl-related imports.

Former US President Donald Trump claims he does not know crypto billionaire Changpeng Zhao, despite pardoning him last month. This statement was made during a CBS News’ 60 Minutes interview.

• Trump stated he had “no idea who he is” when asked about pardoning Zhao, who pleaded guilty to enabling money laundering and served four months in prison.
• Zhao’s companies have partnered with firms linked to Trump, including Dominari Holdings, which is based in Trump Tower.
• The pardon lifts restrictions on Zhao running financial ventures, with White House Press Secretary Karoline Leavitt describing Zhao’s prosecution as an “overly prosecuted case” and part of a “war on cryptocurrency” by the Biden administration.