US Court blocks Trump tariffs

US Federal Court of International Trade in Manhattan has blocked the tariffs that have been imposed by US President Donald Trump. The court ruled that the US constitution gives power to the US Congress to regulate commerce. The economic emergency imposed by US President does not give him the power to impose tariffs without the approval of  Congress.

US Federal government immediately files an appeal against the court order

US government immediately filed an appeal against the Court’s decision. The lawsuit against the tariffs imposed by President Trump in recent days was brought by Liberty Justice center on behalf of 5 small US businesses. These businesses import goods from countries on which President Trump has imposed tariffs in recent days.

US stock index futures jumped after this ruling came. Asian markets, including that of Hong Kong and China, have opened strongly in green after the ruling. Indian markets too are likely to open the day today on a positive note.

Disclaimer : This article is for informational purpose only. It does not make any recommendation to act or invest.

Source: US Court of International Trade