Overview

• A federal Court of International Trade ruled on May 28 that Trump’s April 2 global tariffs exceed his authority under the International Emergency Economic Powers Act and ordered their suspension.
• Within days the Department of Justice appealed to the Federal Circuit and is preparing a Supreme Court filing to challenge the decision.
• Global markets rallied on news of the block, with major indices in Tokyo, London and New York posting gains.
• The White House plans to invoke Section 232 of the Trade Expansion Act, Section 301 and an unused five-month authority under Section 122 to restore duties.
• China’s commerce ministry has urged full withdrawal of the tariffs, and US-China trade talks remain stalled pending potential leader-level discussions.