Wall St falls as Trump says China violated tariff terms

THE COURT RULING that blocked much of President Donald Trump's sweeping tariffs threatens to blow what some economists estimate as a $2 trillion hole into the US fiscal outlook over the coming decade, should the judgment stay in place.

- BLOOMBERG

The ruling could also present a new obstacle for Republicans who are relying on the revenue to help offset the cost of a roughly $4 trillion tax cut moving through Congress.

"At face value, this ruling will take away billions of dollars of prospective tariff revenue" annually, said Douglas Elmendorf, a Harvard Kennedy School professor and former director of the Congressional Budget Office—a nonpartisan arm of the US legislature.