A three-judge panel of the U.S. Court of International Trade unanimously ruled against President Trump's tariffs on imports from over 100 countries, deeming them unconstitutional. The court issued a permanent injunction that nullifies Trump's substantial tariffs on goods from China, Canada, and Mexico while tariffs on autos and steel remain. The ruling was significant enough to excite the markets, as U.S. stock futures surged post-announcement. The judges, appointed by past presidents, emphasized that trade deficits do not constitute an emergency under the law, countering Trump's justification for the tariffs.
In a unanimous decision, the U.S. Court of International Trade ruled that President Trump's unilateral tariffs were unconstitutional, nullifying significant tariffs against over 100 countries.
CNN's Elie Honig emphasized that the court's ruling represents a major victory against Trump’s tariffs, effectively halting most tariffs deemed illegal and unconstitutional.
The judges concluded that citing U.S. trade deficits as an emergency to impose tariffs did not align with the legal definitions of an emergency situation.
Following the ruling, U.S. stock futures surged, indicating market relief regarding the halt of Trump's controversial tariffs, highlighting the economic implications of the decision.
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