Possible cancellation of Trump's tariffs to improve global economic growth prospects — Bloomberg

On Wednesday, the US Court of International Trade issued a ruling blocking many of President Donald Trump's import tariffs, Bloomberg reports. This put the president's trade strategy in danger of being derailed.

The Trump administration said it would appeal the decision by referring the case to the Court of Appeals. As Bloomberg points out, some tariffs were not affected by the ruling. These include levies on Chinese goods introduced at the beginning of Trump's presidency, as well as duties on steel and aluminum imports.

If the court's decision holds, multiple tariffs will need to be lifted within a few days, including new 30% US duties on goods from China, 25% levies on products from Canada and Mexico, and 10% tariffs on most other imports.

These duties and the threat of retaliatory measures have been seen as factors slowing down global and US economic growth. Therefore, their cancellation, even temporary, would improve growth prospects, according to Bloomberg.

Following the court ruling, Asian and American stock indices, as well as US government bonds, rose in price. The pace of the dollar's growth slowed but the currency remained on track for a third consecutive day of gains.