10.06.2025 (12:01 PM) Htate

Stock markets rose on May 29 after a U.S. federal judge blocked most of Trump’s sweeping import tariffs from taking effect, even as the White House appealed the decision by unelected judges.

The judge’s decision is a major setback for Trump. The federal judges’ decision is a major setback for Trump as he seeks to reshape the U.S. trade relationship with the world by imposing steep new tariffs and bringing governments to the negotiating table.

The tariffs, which are designed to punish countries that buy less from the United States and sell more to the United States, have wreaked havoc on financial markets.

Trump said the resulting trade deficits and the threat posed by the influx of various drugs, which has become a national emergency, justify the broad tariffs.

The three-judge International Trade Court ruled in January that Trump had exceeded his authority, blocking most of the restrictions he has imposed since taking office.