E-commerce Stocks Rise After Trump Tariffs Declared Illegal
Stocks of e-commerce companies such as Amazon and eBay were rising on Wall Street this Monday after the U.S. Supreme Court declared President Donald Trump's tariffs illegal. EFE At 1:00 PM local time (6:00 PM GMT), the biggest gains in the sector were for Etsy, which soared 6.6%, followed by eBay (4%), Shopify (3%), Temu's parent company, Pinduoduo Holdings (3%), Wayfair (2.6%), and Amazon (2%).
TL;DR
- E-commerce stocks such as Amazon and eBay saw gains on Wall Street.
- The U.S. Supreme Court declared President Trump's tariffs illegal.
- Etsy saw a 6.6% increase, followed by eBay (4%), Shopify (3%), Pinduoduo Holdings (3%), Wayfair (2.6%), and Amazon (2%).
- The ruling is seen as a setback for Trump's tariff policy.
- The National Retail Federation celebrated the ruling for providing certainty to businesses and manufacturers.
- Affected tariffs include a 10% global base tariff and 'reciprocal' tariffs on trade partners.