Donald Trump's sweeping global tariffs are in jeopardy this morning as a US federal stepped in to block them, saying the president has "exceeded any authority".
In a staggering development which has rocked the Trump administration, the Court of International Trade, based in Manhattan, has ruled that the emergency law invoked by Trump does not give him unilateral authority to impose levies on almost every country in the world.
The court agreed with a group of businesses and state officials who filed separate lawsuits, that the 1977 federal economic law used by Trump "does not authorise" him to issue tariffs.
The White House, the BBC reports, immediately lodged an appeal, which could ultimately see the matter escalated to the US Supreme Court.
IN a statement, deputy press secretary Kush Desai said: "It is not for unelected judges to decide how to properly address a national emergency.
"President Trump pledged to put America First, and the administration is committed to using every lever of executive power to address this crisis and restore American Greatness."
When the UK's financial markets opened this morning they were in positive territory, but the tariff news has strengthened the dollar, lowering the pound by 0.1%, trading between $1.34 and $1.35.
FTSE 100
The UK's flagship share index, the FTSE 100, was down 72 points at 8,724 shortly after opening this morning.
Brent crude oil futures were up 1.71% at $65.36 a barrel.
Companies reporting today
Atalaya Mining Copper - Q1 Results
Auto Trader Group - Full Year Results
Capital Gearing Trust - Full Year Results
Hollywood Bowl Group - Half Year Results