The bulk of President Donald Trump’s global tariffs were deemed illegal and blocked by the U.S. trade court, dealing a major blow to a pillar of his economic agenda. Read More
Global markets have fluctuated wildly since Trump announced the levies in a sweeping executive order on April 2
Global markets have fluctuated wildly since Trump announced the levies in a sweeping executive order on April 2
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The bulk of President Donald Trump’s global tariffs were deemed illegal and blocked by the U.S. trade court, dealing a major blow to a pillar of his economic agenda.
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A panel of three judges at the U.S. Court of International Trade in Manhattan issued a ruling Wednesday siding with Democratic-led states and a group of small businesses that argued Trump had wrongfully invoked an emergency law to justify some of his levies.
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The Trump administration filed a notice that it was appealing the ruling. The U.S. Supreme Court may ultimately have the final say in the high-stakes case that could impact trillions of dollars in global trade.
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The decision is one of the biggest setbacks in court for Trump amid a wave of lawsuits over executive orders in which he is testing the limits of presidential power. Others are challenging Trump’s mass firings of federal workers, restrictions on birthright citizenship and efforts to slash federal spending already approved by Congress.
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Global markets
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Global markets have fluctuated wildly since Trump announced the levies in a sweeping executive order on April 2. Since then, trillions of dollars in market value have been shed and regained amid weeks of delays, reversals and announcements about potential trade deals, particularly with China.
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The order suspends the vast majority of Trump’s tariffs — his global flat tariff, elevated rates on China and others, and his fentanyl-related tariffs on China, Canada and Mexico are all suspended by the ruling. Other tariffs imposed under different powers, like so-called Section 232 and Section 301 levies, are unaffected, and include the tariffs on steel, aluminum and automobiles.
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A White House spokesman said “it is not for unelected judges to decide how to properly address a national emergency.”
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“Foreign countries’ nonreciprocal treatment of the United States has fueled America’s historic and persistent trade deficits,” Kush Desai said in a statement. “These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute.”