US federal court blocks Trump from imposing sweeping tariffs

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 court’s ruling stated that Trump’s tariff orders “exceed any authority granted to the president … to regulate importation by means of tariffs”. Financial markets cheered the court’s ruling, with the US dollar rallying in its wake, soaring against the euro, yen and Swiss franc. The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminium, using a different statute, so these are likely to remain in place for now. At least seven lawsuits have challenged Trump’s border taxes, the centrepiece of Trump’s trade policy.