A United States federal court on Wednesday (May 28) blocked most of President Donald Trump’s sweeping “Liberation Day” tariffs from going into effect, ruling that the president had overstepped his authority with the across-the-board global levies.
The three-judge panel also ordered the Trump administration to issue new orders reflecting the permanent injunction within 10 days. The administration minutes later filed a notice of appeal and questioned the authority of the court.
Since coming to power, Trump has upended global trade and roiled financial markets with a stop-start rollout of levies that are aimed at punishing economies that sell more to the US than they buy.
The…