Stock markets jump as court blocks Trump's Liberation Day tariffs

GLOBAL markets rallied after a US court blocked Donald Trump’s “Liberation Day” tariffs.

- By Martyn Brown

The FTSE 100 which is now more than 1,000 points higher than in the aftermath of the president’s bombshell announcement last month as well as European and Asian markets all made gains.

Tariffs must be approved by Congress but Mr Trump has argued he had power to act because it was a “national emergency”.

The Manhattan-based Court of International Trade ruled that he had overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the US than they buy.

The White House quickly appealed the decision and could take it to the Supreme Court if needed. It has 10 days to complete the bureaucratic process of halting the tariffs, although most are suspended.