{"id":63942,"date":"2026-06-29T11:08:16","date_gmt":"2026-06-29T15:08:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/supreme-court-blocks-trumps-fed-firing-apple-faces-backlash-over-chinese-chip-lobbying\/63942\/"},"modified":"2026-06-29T11:08:16","modified_gmt":"2026-06-29T15:08:16","slug":"supreme-court-blocks-trumps-fed-firing-apple-faces-backlash-over-chinese-chip-lobbying","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/supreme-court-blocks-trumps-fed-firing-apple-faces-backlash-over-chinese-chip-lobbying\/63942\/","title":{"rendered":"Supreme Court Blocks Trump\u2019s Fed Firing; Apple Faces Backlash Over Chinese Chip Lobbying"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The U.S. Supreme Court ruled 5-4 against President Trump\u2019s attempt to fire Federal Reserve Governor Lisa Cook,<\/strong> preserving the central bank&#39;s independence while expanding the President&#39;s power to remove leaders at other federal agencies.<\/li>\n<li><strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) is facing intense criticism from lawmakers<\/strong> after lobbying the Trump administration for permission to source memory chips from <strong>CXMT<\/strong>, a blacklisted Chinese supplier, amid a global AI-driven chip shortage.<\/li>\n<li><strong>Special Envoy Steve Witkoff and Jared Kushner are traveling to Doha<\/strong> for high-level talks with Qatari officials and Iranian technical teams to de-escalate tensions following recent military strikes.<\/li>\n<li><strong>Anthropic CEO Dario Amodei warned U.S. lawmakers that open-source AI is on a &quot;very dangerous path,&quot;<\/strong> citing irreversible risks if powerful models are released without centralized oversight.<\/li>\n<li><strong>Texas manufacturing activity stalled in June,<\/strong> with the Dallas Fed\u2019s General Business Activity Index falling to <strong>0.0<\/strong> from 0.4 in May, signaling a flat outlook for the region&#39;s factory sector.<\/li>\n<\/ul>\n<h2>Supreme Court Upholds Fed Independence in Landmark 5-4 Ruling<\/h2>\n<p>The <strong>U.S. Supreme Court<\/strong> issued a pivotal ruling on Monday, blocking President Trump\u2019s immediate removal of <strong>Federal Reserve<\/strong> Governor <strong>Lisa Cook<\/strong>. Chief Justice <strong>John Roberts<\/strong>, writing for the majority, stated that allowing the President to fire a Fed member &quot;at any time, for any reason&quot; would turn protected roles into &quot;at-will employment,&quot; potentially destabilizing the nation&#39;s economic stewardship. While the court protected the Fed, it simultaneously expanded the President&#39;s authority to remove top officials at other independent agencies, overturning a 1935 precedent.<\/p>\n<p>Governor <strong>Lisa Cook<\/strong> welcomed the decision, asserting that the attempt to remove her was based on a &quot;manufactured pretext&quot; regarding mortgage documents signed years before her tenure. In a sharp dissent, Justice <strong>Clarence Thomas<\/strong> argued that the courts lack the authority to enter orders reinstating her and that she was not entitled to a hearing. The ruling ensures that the <strong>Federal Reserve<\/strong> maintains its mandate of price stability and maximum employment free from immediate political interference, though the legal battle over the underlying facts of the firing may continue.<\/p>\n<h2>Apple\u2019s Lobbying for Blacklisted Chinese Chips Sparks Security Concerns<\/h2>\n<p>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) has launched a lobbying campaign to obtain clearance to purchase memory chips from <strong>ChangXin Memory Technologies (CXMT)<\/strong>, a Chinese firm currently on the Pentagon\u2019s <strong>1260H<\/strong> blacklist. The tech giant is reportedly seeking relief from a global memory shortage driven by the massive buildout of AI data centers, which has already forced Apple to raise prices on <strong>Mac<\/strong> and <strong>iPad<\/strong> devices by as much as <strong>25%<\/strong>.<\/p>\n<p>Critics, including members of Congress, have warned that using chips from a company with alleged ties to the <strong>People\u2019s Liberation Army<\/strong> would be a &quot;grave mistake.&quot; Such a move could risk long-term shareholder value and compromise customer privacy. While Apple is not legally prohibited from buying from <strong>CXMT<\/strong>, doing so without a government waiver could jeopardize its lucrative federal contracting relationships and invite further regulatory scrutiny.<\/p>\n<h2>Diplomatic Efforts Intensify in Doha Amid Iran Tensions<\/h2>\n<p>Special Envoy <strong>Steve Witkoff<\/strong> and <strong>Jared Kushner<\/strong> are scheduled to arrive in <strong>Doha<\/strong> today for critical meetings with the Qatari Prime Minister and Iranian technical teams. The talks aim to salvage a fragile ceasefire that was tested by a series of strikes and counterstrikes over the weekend. The <strong>White House<\/strong> emphasized that while the U.S. remains committed to the memorandum of understanding signed earlier this month, any further violence from Tehran will be met with a forceful response.<\/p>\n<h2>AI Safety and Regional Economic Data<\/h2>\n<p>In testimony to lawmakers, <strong>Anthropic<\/strong> CEO <strong>Dario Amodei<\/strong> raised alarms over the rapid proliferation of open-source AI. Amodei argued that once highly capable models are released publicly, developers lose the ability to monitor abuse or revoke access, creating &quot;irreversible risks&quot; to national security. He urged the government to consider legal frameworks that could block or deter dangerous AI deployments.<\/p>\n<p>On the economic front, the <strong>Dallas Fed<\/strong> reported that the <strong>Texas Manufacturing Index<\/strong> hit <strong>0.0<\/strong> in June, a decline from May\u2019s <strong>0.4<\/strong>. The reading indicates that factory activity in the state has reached a standstill, with price pressures for raw materials rising to an eight-year high. Meanwhile, <strong>Lufthansa (<a href=\"\/stock\/DLAKY\">DLAKY<\/a>)<\/strong> continued to scale back its operations, canceling more European routes as the airline group struggles with surging jet fuel costs linked to Middle East instability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The U.S. Supreme Court ruled 5-4 against President Trump\u2019s attempt to fire Federal Reserve Governor Lisa Cook, preserving 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