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07:42 S&P 500 Eminis Rise 1.5%, Nasdaq Futures Extend Rally to Be up 1.7%, Dow Futures up 1%. Manhattan-Based Court of International Trade Blocks Trump's "Liberation Day" Tariffs（S
The trade court ruled that the International Emergency Economic Powers Act (IEEPA), which was invoked by Trump to carry out his tariff agenda, did not grant the president sufficient authority to impose “unlimited tariffs on goods from nearly every country in the world.”
“The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder,” the court said in its ruling.
Wednesday’s ruling poses a fresh challenge for Trump’s agenda
President Donald Trump’s proposed reciprocal trade tariffs on major U.S. trading partners were blocked by a federal court on Wednesday, on the grounds that the president overstepped his authority.
The Court of International Trade ruled on Wednesday that Congress held exclusive authority to regulate commerce with other countries, and that Trump’s emergency powers did not supersede this authority.
The Nasdaq Composite, S&P 500 and Dow-30 all rose close to or more than 2% Tuesday on signs of progress in U.S./European Union trade talks, coupled with "Magnificent Seven" strength and better-than-expected May U.S. consumer confidence.
While the S&P 500 is still less than 6% below its all-time high, JPMorgan believes the “next 300 points” are more likely to be to the upside.
Their tactical bullish stance is based on three main drivers: “(i) stable macro data; (ii) positive earnings; and (iii) a further de-escalation of the trade war.”
