A US federal court has just ruled President Trump does not have the authority under economic emergency legislation to impose sweeping global tariffs.

"The challenged Tariff Orders will be vacated and their operation permanently enjoined," the court said.

The ruling from a three-judge panel came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.

At least seven lawsuits are challenging the tariffs, the centerpiece of Trump’s trade policy.

The ruling can now be appealed by the Trump administration in federal court.

Just remind us again, what is it that the President can actually do?

Futures soared higher on the news (extending the post-NVDA euphoria)...

The dollar is surging and gold falling...

Developing...