Thu, 29 May 2025

Thu, 29 May 2025 US trade court blocks Trump's sweeping tariffs. What happens now?

The Trump administration lodges an appeal against the ruling shortly after it was announced.

* A US federal court has blocked President Trump's sweeping tariffs, a major blow to his economic policies.
* The Court of International Trade ruled that the president does not have unilateral authority to impose tariffs on nearly every country under an emergency law.
* The court said Congress holds exclusive powers to regulate commerce with other nations and this cannot be superseded by the president's remit.
* The ruling gave the White House 10 days to halt the tariffs, which also blocked a separate set of levies imposed on China, Mexico, and Canada.
* The Trump administration has lodged an appeal, and the immediate implications of the court's decision are unclear.
* If the ruling stands, businesses that paid tariffs may be entitled to refunds with interest, but tariffs will still need to be paid until then.
* Market reactions were positive, with major stock markets rising in Asia and US futures jumping after the court ruling.
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