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Federal judges ruled that the president had gone beyond his authority in imposing levies on goods imported from around the world.
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The U.S. Court of International Trade ruled in favor of a group of entrepreneurs that argued Trump's emergency justification for the tariffs overstepped presidential authority.
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The ruling added to uncertainty facing companies and consumers, but investors were encouraged that it could slow momentum for a trade war that threatened economic and corporate growth.
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A federal court has blocked a swath of U.S. President Donald Trump's tariffs, but the ruling from the Court of International Trade doesn't affect the import taxes that he's slapped on particular sectors — and that he's expected to impose on other industries.
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The comments follow a ruling from judges on the Court of International Trade who said Trump exceeded his authority on tariffs.
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U.S. stock futures shot higher late Wednesday after a federal trade court ruled that President Donald Trump exceeded his authority in imposing a sweeping raft of global tariffs.
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