The US appeals court has ruled Donald Trump's sweeping global trade tariffs can stay in place... for now.
The Trump administration was rocked yesterday when the New York-based Court of International Trade ruled that the 1977 federal economic law used to impose the tariffs did not, in fact, grant such powers.
It said the president had "exceeded any authority" and blocked the levies, leading to an immediate appeal from the White House.
Now, a federal appeals court has granted the White House's request to temporarily suspend the lower court's ruling. The case will now be litigated and is due for another hearing on June 5, the BBC reports.
Shortly before the appeal court's intervention, White House spokesperson Karoline Leavitt told a press briefing: "America cannot function if President Trump, or any other president, for that matter, has their sensitive diplomatic or trade negotiations railroaded by activist judges."
The trade court's decision, if upheld, would void tariffs imposed by Trump in February on goods from China, Mexico and Canada, as well as the blanket 10% import tax.
FTSE 100
The UK's flagship share index, the FTSE 100, was up nine points at 8,733 shortly after opening this morning.
Brent crude oil futures were down 0.38% at $63.06 a barrel.
Companies reporting today
No FTSE 350 Reporters