Reuters World News - Trump's tariffs on trial at the Supreme Court

Episode Date: November 3, 2025

Donald Trump's favorite foreign policy weapon is on trial this week when the Supreme Court hears arguments about the legality of his trade tariffs. The president has decided not to attend the blockbuster case in person. Listen to host Kim Vinnell and our journalists discuss the ramifications and how they may reverberate around the world. Plus, all the latest on the Afghanistan earthquake, Trump's U.S. troop proposal for Nigeria, killings in Mexico and Tomahawk missiles. Sign up for the Reuters Econ World newsletter here. Listen to the Reuters Econ World podcast here. Find the Recommended Read here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hi, I'm Kim Vanel in Wanganui, New Zealand. It's Monday, November 3rd. Today, the U.S. Supreme Court weighs the legality of Trump's tariffs in the biggest test of his power so far. Rescue operations are underway after a powerful earthquake hits Afghanistan. And Trump says he could envision U.S. troops on the ground in Nigeria. This is Reuters World News, bringing you everything you need. to know from the front lines in 10 minutes, seven days a week.

We start with some breaking news. A powerful earthquake has hit Afghanistan. Rescue teams are working to pull out buried bodies. The 6.3 magnitude earthquake hit near the northern Afghan city of Mazar-Isharif, with a population of over half a million. Emergency teams are in the area and working on rescue operations. That's according to the Afghan Taliban Defense Ministry. The country is particularly vulnerable to quakes.

More than 2,200 people were killed and thousands injured after a quake in the southeast at the end of August. Could be. I mean, a lot of things I envisage a lot of things. They're killing record numbers of Christians in Nigeria. President Trump says the U.S. military could deploy troops to Nigeria, making the comment on Sunday evening when asked if there could be US boots on the ground in the country. The president says Washington could also launch airstrikes to stop what he calls the killing of large numbers of Christians there. Nigeria says it would welcome help against Islamist insurgents as long as its territorial integrity is respected, but says there is no Christian genocide.

Analysts say violence in the country is common. complex. Islamist groups like Boko Haram have killed thousands, and while Christians have been targeted, the vast majority of victims have been Muslims. And the latest from President Trump on sending Tomahawks to Ukraine, he says it's a no for now. He's cooled off on a plan for the US to sell the long-range Tomahawk missiles to NATO countries, which would then transfer them to Ukraine, saying he does not. want to escalate the war. President Trump faces a pivotal moment this week, with the U.S. Supreme Court set to decide whether his sweeping tariffs, central to his economic and foreign policies, are actually legal. The outcome could either cement Trump's power to reshape global trade or force him to find

new legal avenues to keep his tariffs alive. Trump himself, after publicly considering whether to go to court in person, he said, he said, he's not now says he'll stay away to avoid being a distraction when things kick off on Wednesday. Here's correspondent David Lauder on what the court is weighing. What this decision will determine is whether or not Trump acted properly in using the International Emergency Economic Powers Act, which is basically a sanctions law that's never been used for tariffs before. So Aiepe has been on the books for almost 50 years. It was modified after 9-11 to give the president a lot more.

powers to impose sanctions on countries and individuals and entities and groups that were active at the time. So it's never really been used for a tariff. In fact, it does not actually have the word tariff in it, which is one of the arguments that the plaintiffs, some small businesses, are making. David says because the tariffs are central to President Trump's entire geopolitical strategy, even if the court rules against him, the administration will find a workaround. Basically, tariffs are Trump's favorite thing ever. It's the tool that he uses the most to try to coerce countries either into making trade concessions or political behaviors, such as the tariffs he's imposed on Brazil in India. If the Trump administration loses this case, that's not the

end of the line for tariffs and Trump. He's got a lot of other authorities up his sleeve. One Law from 1974 allows for tariffs of 15% for 150 days on everything. There's another law from 1930 that they can dust off, which would allow tariffs of 50% on goods from countries that are deemed to be discriminating against U.S. commerce. Any further tariff measures, though, would also be tested in court. And in the meantime, the ripple effects of tariff uncertainty could append global markets. There's also a risk the government would have to refund more than $100 billion in tariff collections. Despite the global impact, it's actually small and medium-sized businesses who are leading the charge in bringing these cases to court.

Reporter Jan Wolfe spoke to some of the plaintiffs. I met one of them. His name is David Levy, and he runs a educational toy company in Charlottesville, Virginia. And it's just him and one employee. There's another toy company involved, which is much bigger. still in a grand scheme of things, if not a big company. It's called Learning Resources. They have about 500 employees in Chicago suburbs. One reason I think you're seeing small and medium-sized businesses

leading the charge in the litigation over tariffs is that they have been disproportionately impacted. They simply don't have the cash on hand that helped big companies really load up on imports before tariffs went into effect. And they don't have the same flexibility in their supply chain to cut deals and try to minimize price increases. A look ahead to the week on markets,

and Wall Street will be busy with a packed week of earnings and all eyes on AI. Chipmakers, AMD and Qualcomm plus Palantir are set to report. All big players in the AI trade that's driven a 90% rally since the bull market began. But valuations are flashing caution. The S&P 500 is now priced at levels not seen since the dot-com bubble,

meaning investors are paying steep prices for expected profits. That puts pressure on earnings to prove the AI boom is worth it. And Reuters Econ World actually has an episode tackling just this, whether the AI buildout is a bubble. We've put a link to that episode in the podcast description. Today is the first big deadline in a fight over SNAP benefits, the program providing food aid to nearly 42 million Americans. The Trump administration has until the end of Monday to submit a plan to fund those benefits,

after judges last week rejected its arguments against using emergency USDA funds. Then comes the second deadline. By Wednesday, at least partial payments have to start flowing. Treasury Secretary Scott Besant says they could be ready to meet that. To Mexico, where the wife of Carlos Manzo, a local. The local mayor gunned down during Day of the Dead celebrations vows to protect her husband's legacy. The killing happened in front of children and families in the middle of a public celebration, deepening fears in a city plagued by cartel violence.

Mexican president, Claudia Scheinbaum, is promising action over the murder of Manzo, who was an outspoken critic of organized crime and who had called on the government to do more. French prosecutors say last month's $100 million high-dollar heist at the Louvre was not the work of elite thieves, but petty criminals from the northern suburbs of Paris. Two men used a mover's lift to smash a window and grab the treasures in under seven minutes, then fled on scooters.

And for today's recommended read, Reuters breaks down exactly how the US is prepping a military staging ground. staging ground near Venezuela, which ties nicely with our On Assignment podcast from the weekend, which if you missed, make sure you give it a listen. Christopher Waljasper there looks at what Trump's policies mean for Venezuela, including how his pressure on Caracas has given hope to the country's opposition, including Nobel Peace Prize winner Maria Corino Machado. There are links to the story and to the podcast in the description.

For more on any of the stories from today, check out Reuters.com. the Reuters app. Don't forget to follow us on your favourite podcast player. If you're listening on a smart speaker, just ask for the latest news from Reuters seven days a week. I'll be back tomorrow with our daily headline show.