- A federal court in New York struck down global tariffs imposed by President Donald Trump, deeming them "invalid" and "unauthorized by law."
- The 2-1 decision by the Court of International Trade found that the President overstepped congressional authority in imposing the 10 percent worldwide tariffs.
- This ruling represents another legal setback for the administration, following a Supreme Court decision in February that invalidated broader tariffs.
- The tariffs, invoked under Section 122 of the Trade Act of 1974, were set to expire on July 24 and were challenged by small businesses.
- The administration is expected to appeal the decision and is currently conducting investigations that could lead to the imposition of new tariffs.
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