US court blocks Trump's tariffs; oil and dollar rise

A U.S. federal court blocked Donald Trump's tariffs, ruling they were illegal and exceeding presidential authority. This decision has immediate implications for international trade. The U.S. Court of International Trade nullified the tariffs imposed under the International Emergency Economic Powers Act of 1977, siding with plaintiffs who argued the tariffs violated Congress's power over duties. The court's ruling impacts global trade. Following the court's decision, oil prices rose by 1% and the dollar strengthened against other currencies. The Trump administration can appeal the ruling, which has boosted Wall Street futures.