08:00 PM EDT, 05/28/2025 (MT Newswires) -- A US federal court has ruled that President Donald Trump overstepped his authority by imposing global tariffs, in a major blow to a key part of his economic policies, BBC was reporting overnight Wednesday.

According to the BBB, the Court of International Trade ruled that an emergency law invoked by the White House does not provide unilateral authority to impose tariffs on nearly every country. The Manhattan-based court said the US Constitution gives Congress exclusive powers to regulate commerce with other nations and this is not superseded by the president's remit to safeguard the economy.

The Trump administration can appeal the ruling in federal court, the report said.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)