Tariffs chaos sends shockwaves across global economy: Live updates
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Global markets surged and U.S. stock futures skyrocketed upon news of the bombshell ruling that the vast majority of Donald Trump’s tariffs are illegal.
America’s trade partners and domestic businesses celebrated their luck on Thursday morning.
President Trump was handed a massive blow Wednesday when the majority of the tariffs he implemented since taking office were struck down by the courts.
The U.S. Court of International Trade’s three judges unanimously agreed that Trump overstepped Congress by enacting the sweeping tariffs.
Markets skyrocket after court bans Trump’s global tariffs
By Katelyn Caralle, Senior U.S. Political Reporter
All three U.S. market indices are expected to open on Thursday morning at a significant gain after Donald Trump’s tariffs were struck down by the U.S. Court of International Trade on Wednesday night.
Dow Jones futures rose 0.4 percent early Thursday – and both the S&P 500 and Nasdaq futures were up even more, maintaining most of their gains from overnight.
The S&P 500 futures leaped 1 percent and Nasdaq 100 futures jumped 1.5 percent.
Markets were roiled last month when Trump announced on April 2 his ‘Liberation Day’ reciprocal tariffs levied on nearly every U.S. trade partner.
Since then the volatility has spooked Wall Street and investors.
But the prospect that the president’s tariffs will not be fully enacted as planned has reinvigorated the markets.
White House blasts ruling blocking Trump’s tariffs
By Katelyn Caralle, Senior U.S. Political Reporter
Desai slammed the three ‘unelected judges’ on the panel – even though one was appointed by President Trump himself.
Trump declared America’s trade deficit a ‘national emergency,’ which, if true, would give him powers to bypass Congress to take action like levying tariffs on trade partners.
‘Foreign countries’ nonreciprocal treatment of the Unites States has fueled America’s historic and persistent trade deficits,’ Desai said. ‘It is not for unelected judges to decide how to properly address a national emergency.’
One of Trump’s closest White House aides, Stephen Miller, called the decision an ‘out of control… judicial coup.’
Trump’s tariffs dealt catastrophic blow
The three judges on the U.S. Court of International Trade ruled Donald Trump illegally sidestepped Congress in enacting global tariffs.
Several lawsuits were launched by Democratic states and a group of small businesses arguing the president wrongfully invoked the emergency law to justify the levies.
Trump claimed that America’s trade deficit was a ‘national emergency.’
The three judges on the panel who barred his tariffs Wednesday night were appointed by Ronald Reagan, Barack Obama and Trump himself.
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