USD higher after US court says Trump doesn't have 'Liberation Day' tariff authority

  • A US Federal Court says Trump doesn't have the authority to set tariffs

Here's the news as it broke:

This is potentially big news. Trump is not going to like this and I suspect he'll do whatever he can to ignore the ruling/get around it. Note, Trump can appeal this ruling.

Markets responding to the news though, taking the USD higher against safe have yen and CHF and also EUR.

Meanwhile, US equity index futures onGlobex are surging.

Yen, EUR, CHF lower (other major FX also to varying extents)

usdyen eurusd trump tariff court 29 May 2025 2

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