00:00A U.S. trade court has blocked U.S. President Donald Trump's tariffs from going into effect.
00:06In a sweeping ruling, the court says that the president overstepped his authority
00:10by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
00:19The Court of International Trade said the U.S. Constitution gives Congress exclusive authority
00:25to regulate commerce with other countries that is not overridden by the president's emergency powers
00:31to safeguard the U.S. economy.
00:33The Trump administration minutes later filed a notice of appeal and questioned the authority of the court.
00:40The decisions of the Manhattan-based Court of International Trade,
00:43which hears disputes involving international trade and customs laws,
00:47can be appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C.,
00:52and ultimately the U.S. Supreme Court.
00:55Trump has made charging U.S. importers' tariffs on goods from foreign countries
01:00the central policy of his ongoing trade wars,
01:03which has severely disrupted global trade flows and roiled financial markets.
01:08Financial markets cheered the ruling as the U.S. dollar rallied following the court's order,
01:14surging against currencies such as the euro, yen and the Swiss franc in particular.
01:19Wall Street futures and equities across Asia also rose.
01:22The ruling, if it stands, blows a giant hole through Trump's strategy
01:27to use steep tariffs to wring concessions from trading partners,
01:31draw manufacturing jobs back to U.S. shores,
01:34and shrink a $1.2 trillion U.S. dollar goods trades deficit,
01:38which were among his key campaign promises.
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