US Court Blocks Trump Tariffs

"THAT USE IS impermissible not because it is unwise or ineffective, but because (federal law) does not allow it."

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An early rally in the dollar also fizzled and the greenback was about 0.4% lower against a basket of major trading partner currencies.

The judges also ordered the Trump administration to issue new orders reflecting the permanent injunction within 10 days. The Trump administration minutes later filed a notice of appeal and questioned the authority of the court.

The court invalidated with immediate effect all of Trump's orders on tariffs since January that were rooted in the International Emergency Economic Powers Act (IEEPA), a law meant to address "unusual and extraordinary" threats during a national emergency.

The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminum, using a different statute.

The decisions of the Manhattan-based Court of International Trade, which hears disputes involving international trade and customs laws, can be appealed to the US Court of Appeals for the Federal Circuit in Washington, DC, and ultimately the US Supreme Court.