US appeals court rules Trump's global tariffs are largely illegal
On Friday, the US Court of Appeals for the Federal Circuit upheld a ruling that the sweeping tariffs the US President Donald Trump unilaterally imposed on most other countries were illegal, CNN reported.
The decision impacts Trump's so-called "reciprocal" tariffs on most nations around the world, as well as additional levies placed on China, Mexico, and Canada. In a 7-4 decision, a Federal Appeals Court rejected Trump's argument that the tariffs were authorized by an emergency economic powers legislation, declaring them "invalid as contrary to law."
Market reaction
At the time of press, the US Dollar Index (DXY) was up 0.07% on the day at 97.85.
Source: FXstreet