What happens to Donald Trump’s tariffs now that federal appeals court has knocked them down

Now a federal appeals court has thrown a roadblock in his path.

The US Court of Appeals for the Federal Circuit ruled Friday that Trump went too far when he declared national emergencies to justify imposing sweeping import taxes on almost every country on earth.

The ruling largely upheld a May decision by a specialised federal trade court in New York. But the 7-4 appeals court decision tossed out a part of that ruling striking down the tariffs immediately, allowing his administration time to appeal to the US Supreme Court.

The ruling was a big setback for Trump, whose erratic trade policies have rocked financial markets, paralysed businesses with uncertainty and raised fears of higher prices and slower economic growth.