Source: Yahoo News
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • U.S. President Donald Trump will have to hand over his personal tax records to a secret New York grand jury following a seven-two decision by the Supreme Court
  • The Supreme Court rejected Trump’s argument that he was immune to the grand jury’s request, however, the records won’t be publicly released
  • The grand jury has been convened to consider whether the President misused campaign funds to pay off women back in 2016
  • Meanwhile, the Supreme Court ordered another court to review separation of power issues, as the Democratic-led U.S. Congress fight for Trump’s tax records as well

U.S. President Donald Trump will have to hand over his tax records, following a ruling by the country’s Supreme Court.

The seven-two decision ruled a New York grand jury could access the records, as part of a case looking into alleged misconduct during the 2016 Presidential campaign.

In particular, Trump and his team have been accused of paying off Stormy Daniels, an adult actress, using campaign funds.

However, the Supreme Court’s ruling doesn’t mean the President’s tax records will be handed over straight away, and it’s unlikely the documents will be made public due to grand jury secrecy rules.

In order for the President’s records to be released, he would need to leave the top job and be charged with a crime.

In a separate ruling, the court also decided the Democratic-led U.S. Congress did have the power to subpoena Trump, but he also had the privilege as President not to comply.

The fight will now return to a lower court to work out the separation of power issues.

President Trump has reacted poorly to the Supreme Court’s decision, releasing multiple tweets alleging another ‘witch hunt’ was taking place.

Trump also released multiple other tweets, accusing the former Obama Government of corruption.

The New York District Attorney, Cyrus Vance Jr, whose grand jury will now get to access Trump’s tax records, applauded the Supreme Court’s decision.

“This is a tremendous victory for our nation’s system of justice and its founding principle that no one – not even a president – is above the law,” he said.

More From The Market Online
Tariff concept

Gold heads back towards ATH after Trump tariff reversal as uncertainty remains

We've had another record night on Wall Street – and on the ASX down under –…
Iron ore somewhere in Aus

Iron ore prices near US$90/tn remind Aussies to focus more on China in weeks ahead

On the back of Trump's latest threats to hit China with 104% tariffs, the price of…

RBA finally delivers relief: Aussie central bank cuts COVID-era interest rates

The RBA has cut interest rates in a widely expected move, finally getting the ball rolling…
RBA governor Michele Bullock speaks at an interest rate cuts meeting in Sydney.

‘Far too confident’: Cautious Bullock shakes head on RBA making many more ’25 cuts

After a 13-month wait, the Reserve Bank of Australia finally pulled the trigger on interest rate cuts last Tuesday – and it might