Court Blocks Trump Tariffs, Markets Surge Globally

The US Court of International Trade ruled that former President Donald Trump exceeded his authority by imposing sweeping 'reciprocal tariffs' under the International Emergency Economic Powers Act, blocking most of these tariffs. The Trump administration immediately appealed the decision, creating ongoing legal uncertainty and resulting in temporary pauses on some tariffs. The ruling sparked a global market rally, with major Asian indices and US markets posting gains, partly boosted by strong earnings from Nvidia. The court's decision underscored that presidential power over trade is subject to Congressional oversight. Market participants remain cautious as the case may ultimately be decided by higher courts. The outcome leaves global trade policy and business sentiment in a state of flux.