[Breaking News] US Court Orders Complete Cancellation of Trump's Reciprocal Tariffs "Exceeding Presidential Authority"

[Financial News] The US Federal Court ruled that the 'reciprocal tariffs' imposed by the Trump administration in a civil lawsuit against it are invalid. According to local media such as AP News, the US Court of International Trade located in New York ruled on the 28th (local time) with a unanimous opinion of the three-judge panel that the reciprocal tariff measures imposed by the Trump administration on the 2nd of last month on 185 countries and regions worldwide are invalid. The court stated, "The global retaliatory tariff order exceeds the scope of authority granted to the president to regulate imports through tariffs under the International Emergency Economic Powers Act (IEEPA)." It further ruled, "The tariff order is canceled, and its effect is permanently prohibited." Simultaneously, it ordered the cancellation of tariffs collected so far.

This lawsuit was filed by five small businesses, including a liquor importer in New York and an educational kit and instrument manufacturer in Virginia. These companies argued that the tariffs would adversely affect their business. In the United States, a total of seven lawsuits related to reciprocal tariffs, including this one, have been filed. The court ruled that this decision applies to parties other than the plaintiffs in the lawsuit. The US White House immediately reacted to the ruling as an "unbridled judicial coup."

pjw@fnnews.com Jongwon Park, Reporter