A federal court ruled that Donald Trump exceeded his legal authority under the International Emergency Economic Powers Act by imposing tariffs, labeling them illegal. This decision puts the majority of Trump’s tariffs on hold, leading to potential consequences for consumers and businesses involved in international trade. The Trump administration intends to appeal the ruling and may seek immediate intervention from the Supreme Court. The court's decision showcases the complexities of the trade war, which has seen erratic responses from Trump, igniting market volatility and uncertainty.
The court ruled Trump had exceeded his authority in imposing the tariffs under the IEEPA, stating that most tariffs fail to constitute an unusual threat.
The Trump administration has made it clear it will appeal this ruling and may seek immediate intervention from the Supreme Court.
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