US court blocks Trump’s international tariffs – Daily Business

Business sentiment was given a significant boost after a US federal court blocked President Donald Trump’s tariffs.

A panel of three judges at the Court of International Trade ruled that an emergency law invoked by the White House does not give the president unilateral authority to impose tariffs on nearly every country.

The court has given the White House 10 days to complete the bureaucratic process of halting the tariffs, although most are currently suspended anyway.

The court’s ruling needs to go through an appeals process which could go all the way to the Supreme Court. If the ruling is upheld, businesses which have paid tariffs could receive refunds, including so-called reciprocal tariffs.

The White House has said it will appeal, saying: “It is not for unelected judges to decide how to properly address a national emergency.”

Futures in the S&P 500 and Nasdaq exchanges rose on the announcement. Oil prices also gained, with Brent crude and US West Texas Intermediate crude both rising by more than 1.25% to a barrel, according to the Reuters news agency.

Japan’s Nikkei has been trading 1.5% up in early trade, with South Korea’s Kospi up about 1%.

The ruling leaves a number of negotiations with the White House in limbo as government officials decide whether they need to continue.

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