Trump suddenly at risk of losing a 'pillar' of his trade strategy and having to refund a big chunk of $159 billion from tariff revenues
Briefly

Federal appeals court ruled that national emergency declarations did not justify imposing sweeping import taxes on almost every country, concluding the executive overreached. The decision largely upheld an earlier specialized federal trade court ruling but vacated the immediate invalidation of the tariffs, leaving time to appeal to the U.S. Supreme Court. The tariffs at issue include April reciprocal levies up to 50% and 10% baseline tariffs on most trading partners. The administration suspended reciprocal tariffs for 90 days to seek trade agreements; some partners agreed to concessions while others were hit with steep levies. The ruling marks a significant check on expansive trade authority and follows market and business disruption.
The U.S. Court of Appeals for the Federal Circuit ruled Friday that Trump went too far when he declared national emergencies to justify imposing sweeping import taxes on almost every country on earth. The ruling largely upheld a May decision by a specialized federal trade court in New York. But the 7-4 appeals court decision tossed out a part of that ruling striking down the tariffs immediately, allowing his administration time to appeal to the U.S. Supreme Court.
The president later suspended the reciprocal tariffs for 90 days to give countries time to negotiate trade agreements with the United States - and reduce their barriers to American exports. Some of them did - including the United Kingdom, Japan and the European Union - and agreed to lopsided deals with Trump to avoid even bigger tariffs. Those that didn't knuckle under - or otherwise incurred Trump's wrath - got hit harder earlier this month.
Read at Fortune
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