News when you wanted with Bloomberg News. Now, I'm Doug Christner. The US Supreme Court is allowing President Trump to resume deporting alleged to Venezuelan gang members under the Alien Enemies Act. In the five to four vote, the justices overturned a lower court decision that had put a temporary stop to these deportations. And we got reaction from Bloomberg Law host June Grosso.
What the justices said is they have to be allowed to have this due process, and they should do it by habeas corpus petition basically, and it should be filed in the jurisdiction where they're being held. Well, they're being held in Texas, and you know, Texas immigration courts are not as show we say, sympathetic to migrants as courts and other jurisdictions, for example New York and DC.
That is Bloomberg's June Grosso. Now, the justices did not address the issue of whether the Trump administration improperly categorized the Venezuelans as deportable under the Alien Enemies Act. Targeted reciprocal tariffs on imports to the US are set to take effect on Wednesday. Dozens of countries will be impacted. And today President Trump said he's not considering a pause that despite outreach from trading partners eager to avoid these
new levies. Even so, Trump did signal he could be open to some form of negotiation.
Well, we're not look into that. We have many, many countries that are coming to negotiate deals with US, and they're going to be fair deals. In certain cases, they're going to be be paying substantial tariffs.
Speaking from the Oval Office, Trump said tariffs were very important to his economic agenda and they generally would remain At the same time, he opened the door to fair and good deals with every country. And Japan is one of the many countries coming to the negotiating table. Here is Treasury Secretary Scott Besson speaking earlier to Fox Business.
There are fifty sixty, maybe almost seventy countries is now whoever approached us, So it's going to be a busy April May, maybe into June. And Japan is a very important military ally, they're very important economic ally, and the US has a lot of history with them, So I would expect that Japan's going to get priority just because they came forward very quickly.
That is US Treasury Secretary Scott Besant speaking to Fox Business Now, Trump has assigned Besant and US Trade Rep. Jamison Greer to lead these bilateral talks with Japan. A twenty four percent reciprocal tariff on Japan is scheduled to begin on Wednesday. Prime Minister Ishibai expressed concern. He also
urged the US to reconsider. President Trump also threatened to slap an additional fifty percent tariff fon Chinese goods if Beijing does not withdraw it's planned retaliatory tariffs by April eighth.
As you know, against my statement, they put a thirty four percent tariff on above what their ridiculous tariffs were already, and I said of that tariff isn't removed by tomorrow at twelve o'clock, we're putting a fifty percent tariff on above the tariffs that we put on.
Well. Now, China has responded the government saying the US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US's blackmailing nature. And it continues in saying that China will never accept this if the US insist on going its own way. China will fight to the end. The equity market was tossed about today by conflicting news on tariffs.
We had shares jumping early on reports that President Trump was considering a pause for ninety days, but those gains evaporated when the White House said the remarks were fake news. Then renewed selling occurred when President Trump threatened China with an additional fifty percent levy. We had the S and P five hundred swinging by more than eight percent points in for day, and at the end of the day
the benchmark was down two tenths of one percent. Cheryl Smith is an economist and portfolio manager at Trillium.
I think that this chaos that we're seeing is going to continue. For whatever reason, Trump likes to work in chaos. He appears to think that he keeps people on their back foot and that he can gain some kind of advantage from it.
That is Cheryl Smith, economist and portfolio manager at Trillium. College basketball has a national champion. The Florida Gators beat the Houston Cougar sixty five sixty three. And that is news when you want it. With Bloomberg News, Now, I'm Doug Krisner, and this is Bloomberg.