More than 50 countries have reached out to the President to begin tariff negotiations

[Encia22]

Breaking News: There's a new spanner in the works. 

US federal court blocks Trump from imposing sweeping tariffs - The Guardian
 

Ruling from court of international trade in New York comes after slew of lawsuits arguing president exceeded authority.

A US trade court has ruled Donald Trump’s sweeping tariffs regime illegal, in a dramatic twist that could block the US president’s controversial global trade policy.

The ruling by a three-judge panel at the New York-based court of international trade came after several lawsuits argued that Trump had exceeded his authority, leaving US trade policy dependent on the president’s whims and unleashing economic chaos around the world.

Tariffs typically need to be approved by Congress but Trump has so far bypassed that requirement by claiming that the country’s trade deficits amounted to a national emergency. It left the US president able to apply sweeping tariffs to most countries in the world last month, in a shock move that sent markets reeling.

The court’s ruling stated that Trump’s tariff orders “exceed any authority granted to the president … to regulate importation by means of tariffs”.

 

The court ruling immediately invalidates all of the tariff orders that were issued through the International Emergency Economic Powers Act, a law meant to address “unusual and extraordinary” threats during a national emergency.

The judges said Trump must issue new orders reflecting the permanent injunction within 10 days.

And of course...

 

However, the Trump administration has already filed to appeal against the ruling. White House officials have hit out at the court’s authority. “It is not for unelected judges to decide how to properly address a national emergency,” Kush Desai, a White House spokesperson, said in a statement to Reuters.

This is going to get messy and leaves the the stock markets in total turmoil as to how this will pan out and over what time period.