A federal court ruling that mostly overturned President Trump’s tariffs caused a big jump in the stock market, sending futures way up and creating a sense of fresh optimism on Wall Street. The U.S. Court of International Trade decided that President Trump overstepped his legal authority when he put a 10 percent tax and other tariffs on many U.S. trading partners, saying those actions were not valid.
This ruling canceled a wide set of tariffs, including the basic 10 percent tariff, matching tariffs on several countries, a 20 percent tax on China tied to fentanyl, and a 25 percent tax on goods from Canada and Mexico. The court disagreed with the administration’s reading of the International Emergency Economic Powers Act of 1977 (IEEPA), which the administration had used to defend the tariffs. CBS and Reuters detailed many stocks rising.
