Here's what to know about Trump's tariffs after a U.S. trade court rules them illegal

President Trump's sweeping tariffs on goods imported from almost every foreign nation have been ruled illegal by the U.S. Court of International Trade, marking a setback for the president's trade agenda — and adding another level of uncertainty for U.S. consumers and businesses. 

The Wednesday ruling from the court halted the tariffs Mr. Trump assessed on virtually every other country on April 2, a day he termed "Liberation Day." Some trading partners faced substantially higher import duties, with the president hiking tariffs on China-produced goods to as high as 145% before easing them temporarily earlier this month.

The ruling raises a host of questions about what happens next, given that Mr. Trump's trade agenda hinges on wide-ranging tariffs that he has promised will help bring back U.S. manufacturing jobs while also raising trillions in new revenue for federal coffers. Meanwhile, the court decision will likely provide a measure of relief to American businesses and consumers, given that they're typically on the hook for paying the tariffs when imports reach U.S. soil.