President Donald Trump's global tariffs have been deemed illegal and blocked by a US trade court, dealing a major blow to a pillar of the Republican Party's economic agenda.
The ruling can now be appealed by the Trump administration in federal court.
A three-judge panel at the US Court of International Trade in Manhattan ruled Wednesday in favor of Democratic-led states and a group of small businesses that argued Trump had wrongly invoked emergency law to justify the levies.
The ruling is one of Trump's biggest setbacks in court amid a wave of lawsuits over executive orders that have tested the limits of presidential power. Others have challenged Trump's mass layoffs of federal workers, restrictions on citizenship based on birth and efforts to slash federal spending that has been approved by Congress.
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 lost and regained amid weeks of delays, reversals and announcements about potential trade deals, particularly with China.(alg)
Source: Bloomberg
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