US to stop collecting Trump tariffs ruled illegal by supreme court | First Thing

First Thing: US to stop collecting Trump tariffs ruled illegal by supreme court Dollar slumps and gold rises as authorities say they will halt levies linked to emergency powers but give no word on refunds. Plus, meet some of the people suing the president over civil liberties Good morning. Donald Trump’s administration has said it will stop collecting tariffs the supreme court ruled were illegal as they were imposed using emergency powers, as investors attempted to digest the US president’s latest volley of replacement levies. The dollar slumped 0.4% against a basket of other currencies this morning after the US Customs and Border Protection agency said it would deactivate all tariff codes associated with International Emergency Economic Powers Act related orders as of Tuesday at midnight. The top US trade negotiator, Jamieson Greer, said on Sunday that the Trump administration was set to persist with its tariffs policy . “The policy hasn’t changed. The legal tools that implement that may change but the policy hasn’t changed,” he said, arguing that it gives US business “a lot of leverage” in world trade. What’s happening with the stock markets after the news? Gold jumped 0.6% to $5,135 an ounce, its highest level since the end of January, as investors flocked to the safe haven asset, while bitcoin dropped as much as 4.8% to $64,300 before recovering some ground, at $65,734. Futures tracking the US S&P 500 stock market slipped 0.5% on Monday morning. This a developing story. Follow the live blog here . Secret Service fatally shoots armed man who breached Trump’s Mar-a-Lago residence The Secret Service shot and killed an armed intruder who breached the perimeter of Mar-a-Lago, Donald Trump’s Florida residence and private club in Palm Beach, early on Sunday. Although the president often spends weekends at the oceanfront resort, he was at the White House in Washington during this incident, as was the first lady, Melania Trump. At a press conference, Ric Bradshaw, the sh...