US trade court strikes down Trump's backup tariff plan in major blow to White House
A US federal trade court struck down President Donald Trump's backup tariff plan, ruling it violated US law in a significant legal setback for the White House. The decision sets a binding limit on the administration's tariff toolkit. On the same day, Trump gave the European Union a new July 4 deadline to ratify a trade deal.
The US Court of International Trade has struck down President Donald Trump's backup tariff regime, ruling it violated US law in a notable legal defeat for the White House. The decision draws a clear judicial line around the administration's evolving trade-war toolkit.
The dollar slipped against major peers and S&P 500 futures traded flat after the ruling, while oil prices climbed on the US-Iran fire exchange in the Strait of Hormuz. Investors are now watching whether the administration appeals and which alternative legal authority it might lean on to keep its tariff strategy intact.
On the same day, Trump gave the European Union until July 4 to ratify the existing trade framework or face fresh duties. Brussels has yet to respond formally, but European officials signalled they would stay at the negotiating table with Washington.
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