Lora Kolodny, CNBC and Erin Doherty, CNBC
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A federal court ruled Wednesday that President Donald Trump exceeded his authority with his reciprocal tariffs, dealing a blow to a major tenet of the president's economic agenda.
The judges wrote that the International Emergency Economic Powers Act, a 1977 law that Trump invoked to justify the tariffs, does not actually give the president the power to implement the sweeping duties initiated last month.
"The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,"...
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