Trump seeks to appeal judge's ruling blocking sweeping global tariffs

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00:00Today, the latest battle in President Trump's trade war is with the courts themselves,

00:05vowing to fight a ruling by a panel of judges on the U.S. Court of International Trade,

00:09which decided Trump's sweeping tariffs against major trading partners are illegal.

00:14Trump announced the tariffs on full display in April,

00:17citing an Economic Emergency Act and insisting the U.S. is getting ripped off.

00:22My fellow Americans, this is Liberation Day.

00:25The federal panel, judges appointed by Presidents Reagan, Obama, and Trump,

00:30unanimously ruled the act Trump cited was not properly used

00:33and that Trump's executive orders exceeded any authority granted to the president.

00:38The panel also blocking Trump's tariffs on China, Mexico, and Canada to combat fentanyl trafficking

00:43because they do not deal with threats described in the president's order.

00:47In its appeal, the administration said in part, quote,

00:50it is not for unelected judges to decide how to properly address a national emergency.

00:56With Trump's trade war now in limbo, Wall Street again in the throes.

01:00We're beginning to see a pattern, and the pattern is big demands, big threats, and then a postponement.

01:08A pattern with a new term, which the president reacted to when asked in the Oval Office yesterday.

01:13Mr. President, Wall Street analysts have coined a new term called the taco trade.

01:17They're saying Trump always chickens out on your tariff threats, and that's why markets are higher this week.

01:22What's your response to that?

01:23I kick out.

01:24Chicken out.

01:26Oh, isn't that a chicken out? I've never heard that.

01:28Six months ago, this country was stone-cold dead.

01:32We had a dead country.

01:34We had a country people didn't think it was going to survive, and you ask a nasty question like that.

01:39It's called negotiation.

01:40The court gave the administration 10 days to comply with its order, but the administration is urging the court to delay enforcing it,

01:48arguing it would be a national security threat to strip the president of his negotiating power.

01:54Christiane Cordero, ABC News, Washington.

01:56Christiane Cordero, ABC News, Washington.

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