Court strikes down most of Trump's tariffs, ruling them illegal

A federal court on Wednesday froze most of the sweeping tariffs imposed by President Trump on virtually every foreign nation, ruling the levies exceed the president's legal authority.

The ruling — issued by a panel of judges on the U.S. Court of International Trade — halted the sweeping 10% tariffs Mr. Trump assessed on virtually every U.S. trading partner on "Liberation Day" last month, with higher tariffs threatened for dozens of countries. The court also blocked a separate set of tariffs imposed on China, Mexico and Canada by the Trump administration, which has cited drug trafficking and illegal immigration as its reasoning for the hikes.

Global markets rallied on the news.