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Saturday, May 09th

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U.S. Trade Court Rules Trump Tariffs Illegal, But Issues Narrow Block

US Court of Int'l TradeThe U.S. Court of International Trade’s 2-1 decision leaves the temporary tariffs in place for all other importers while any appeal by the Trump administration plays out. They are expected to expire in July.

The court ruled that Trump’s imposition of the tariffs under Section 122 of the Trade Act of 1974 was misguided. One of the judges said it was premature to grant victory to the plaintiffs.

While the ruling applies to a set of levies due to expire in about two months, it marks another major setback for Trump’s global tariff ambitions and comes a week before he is due to discuss trade tensions with Chinese President Xi Jinping in Beijing.

It sets the stage for another protracted legal battle over billions of dollars’ worth of tariff refunds three months after the U.S. Supreme Court struck down Trump’s sweeping global tariffs imposed under a national emergencies law.

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US gas prices hit $4.23 high as Hormuz fears drive oil surge

Gas hits $4.25 a gallonAverage US gas prices have hit a new high at $4.23 a gallon, their highest since 2022 and a record since the start of the war with Iran, according to the motor club AAA.

The price of Brent crude, the benchmark that influences the price of gasoline in the US, now stands at $114.60 a barrel, up nearly 25% from the recent low since mid-April. US gas prices a year ago averaged $3.16 a gallon.

The milestone comes as US officials contemplate an extended blockade by the US and Iran of the strait of Hormuz, the transit chokepoint for 20% of the world’s oil.

“A significantly bigger risk arises if higher gasoline and oil prices leak into other necessities such as grocery and utility prices – though so far there is little evidence for this,” said Bank of America analysts in an NBC News report.

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More than a quarter of private colleges are at risk of closing, a new projection shows

Sterling College in VermontMore than a dozen newborn lambs cavorted around a fenced-in yard beneath the scrutiny of their mothers and a few watchful students taking turns attending to them.

The lambs' successful births have been a needed bright spot at tiny Sterling College, which uses a 130-acre farm to teach agriculture and other disciplines in a part of northeastern Vermont so isolated there's no cell service and it's rare to see a passing car.

LillyAnne Keeley, a senior, likes that remoteness. "We have a beautiful view," said Keeley, in the barn where she's come for her turn checking on the lambs. "There are beautiful sunsets here. I kind of take it for granted every day."She and her classmates have started taking such experiences less for granted now, since Sterling has announced that it will close in May at the end of this semester.

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Federal workers struggle to find roles a year after Trump cuts: ‘I’ve applied to over 250 jobs’

Federal workersMaggie was faced with a tough choice in February 2025: quit her job at the US office of personnel management or be unceremoniously fired.

Though she was a few months pregnant at the time, Maggie was offered one of the buyouts that were offered to tens of thousands of federal government employees by the office of personnel management.

“I couldn’t be without health insurance through the delivering of my baby,” said Maggie, who requested to omit her last name for fear of professional repercussions. “I was going to have six to seven months of paid parental leave, because I’d been on my job for five years and I accrued time.”

She took a buyout offer in May 2025 and, like many federal employees who took buyouts, and was placed on administrative leave until September 2025. She delivered her baby in September, just 10 days before she formally lost her job.

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65, single, seeking a roommate: More seniors are being priced out of living alone

Senior cost of housingDavid West raised four kids in Los Angeles working as a Hollywood cinematographer — no mean feat in such a pricey city. But a few years ago, his life took a hard turn.

"Everything went south. Divorce. My brother died," he said. "My dog died." On top of that, a string of clients who'd hired him for decades also passed away.

Before long, he'd burned through cash and damaged his credit. He moved to Fresno, Calif., and now, at 72, West is in a situation he never imagined at this stage of life but one that more and more older people are facing: renting a room in the home of a complete stranger.

"I tried to move, like, an apartment's worth of stuff into a room," he said with a laugh at how impossible it seemed. "You know, how do you do that? I still haven't figured it out."

West looked into a housing subsidy, but his income is just over the limit, so he's grateful for the cost savings of a house share. His roommate, also an older man, covers Wi-Fi, utilities and cable. West volunteers his photography skills at the church where the man is involved and shares his Costco membership.

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US jobs market surpassed expectations in March but February losses were worse than first reported

US job marketThe US labor market picked up in March as employers showed signs of resilience amid the US-Israel war in Iran.

After an extraordinary contraction in February, employers added 178,000 jobs last month, ahead of economists’ expectations of about 70,000.

The unemployment rate fell to 4.3%, according to data from the US Bureau of Labor Statistics. In February, the economy lost 133,000 jobs, according to revised figures. Job figures for January were revised up, from 126,000 to 160,000. With revisions, total employment in January and February is 7,000 lower than previously reported. .

Previous data painted a mixed picture of the US labor market, which economists say has been in a static “low-fire, low-hire” state, where both layoffs and new hires are down.

Outplacement firm Challenger, Gray & Christmas found that employers announced 217,362 job cuts in the first quarter of 2026 – the lowest total for that period since 2022. But hiring in February slowed to a six-year low, according to data released earlier this week, with dips seen in construction and leisure and hospitality.

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$800m in suspicious trades before Trump announcement is treason, says Nobel-winning economist

Paul KrugmanA series of trades worth $800 million made minutes before a Truth Social post from Donald Trump sent markets swinging is an act of treason, one of America's most prominent economists has said.

An entity or several entities traded heavily on S&P 500 and oil futures, making an immense sum of money in the process.

Nobel Laureate Paul Krugman lashed out at the mystery traders.

"When officers of a company or people close to them exploit confidential information for personal financial gain, that's insider trading — which is illegal," Krugman wrote.

"But we have another word for situations in which people with access to confidential information regarding national security — such as plans to bomb or not to bomb another country — exploit that information for profit.

"That word is 'treason'."

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