US court rules Trump tariffs are illegal

Elon Musk also departs the White House

The US Court of International Trade has declared US President Donald Trump’s wave of tariffs as “unlawful”.

In a ruling yesterday (28 May), the panel of judges said Trump's orders "exceed any authority granted to the president by IEEPA [International Emergency Economic Powers Act] to regulate importation by means of tariffs". Most UK CEOs have altered investment strategies amid global trade war uncertainty The decision marks a significant setback for Trump's economic agenda, and the White House has pledged to appeal it. The president's first wave of tariffs on 2 April caused market turmoil and led to a major decline in US and global indices. At time of writing, S&P 500 futures were up...