India, May 29 -- The U.S. dollar weakened against its major counterparts in the New York session on Thursday, as a federal court ruled against Trump's tariffs, dealing a blow to a key part of his economic agenda.
A three-judge panel at the U.S. Court of International Trade ruled that the worldwide and retaliatory tariff orders exceed any authority granted to the President by International Emergency Economic Powers Act to regulate importation by means of tariffs.
The judges also said tariffs on Canada, Mexico and China related to drug trafficking "fail because they do not deal with the threats set forth in those orders."
The Trump administration immediately appealed the ruling, which could end up being decided by the U.S. Supreme Court.
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