This is mind blowing stuff.
A US federal court blocks President Donald Trump's sweeping tariffs, in a major blow to his economic policies
Three judges rule that Trump overstepped his authority when he used an emergency law to impose tariffs on nearly every country.
BBC verify an hour ago.
"US government raked in billions after Trump tariffs
The US has collected more than $40 billion in border duties since tariffs took effect, according to the Department of the Treasury - a record amount.
If the White House's appeal against the ruling blocking many tariffs is not successful, a big chunk of that will need to be refunded.
As the chart below shows, April and May saw the level of duties collected hit at least more than double the average since 2020.
Duties on cars, aluminium and steel are not impacted by the ruling, but the sweeping so-called reciprocal tariffs unveiled by Trump - 10% across the board for most countries and 30% for China - have been rendered legally void.
If higher courts do uphold Wednesday’s ruling after the White House appeals, that could be a hefty bill for the US government.
Whats more - just look at this report from the timeline
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The chart below shows how US investors have reacted positively so far to the court ruling on Trump’s tariffs*
Futures are agreements to buy or sell stocks at a set price in the future, so these movements provide an indication of what could happen when US markets open later today.
The Nasdaq-100, S&P 500 and the Dow Jones all rose after the announcement.
Trumps reaction
But moments after the ruling, the Trump administration said it is appealing because it is "not for unelected judges to decide how to properly address a national emergency" - and some tariffs levied under other laws are not impacted by the decision
The US is currently negotiating individual trade deals with dozens of countries - those talks have now been thrown into chaos.
www.bbc.co.uk/news/live/c2dekzjg6gzt