Trump's trade tariffs declared illegal and blocked by US court

Bloomberg reports that most of US President Donald Trump's global tariffs were ruled illicit and blocked by a US court.

On Wednesday, the US Court of International Trade panel issued a unanimous ruling. The judges agreed with Democratic-led states and small businesses who claimed that Trump had abused his emergency powers to justify most of his tariffs. The court gave the president's administration 10 days to cancel the duties.

The ruling applies to Trump's global flat tariffs and increased rates for China and other countries. However, it does not affect all duties. For instance, those under sections 232 and 301, including levies on steel, aluminum, and automobiles, are not covered.

The Department of Justice has already appealed the decision to the US Court of Appeals for the Federal Circuit. The Supreme Court could ultimately make the final decision on this case. For now, the ruling permanently blocks most tariffs.

According to Bloomberg, US stock indices jumped and the dollar strengthened against other currencies amid this news.