A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country, blocking a series of tariff announcements dating back to February that have rattled financial markets.

The three-judge panel on the U.S. Court of International Trade unanimously ruled Congress did not delegate “unbounded” tariff authority to the president in the International Emergency Economic Powers Act of 1977 (IEEPA), the linchpin of Trump’s legal defense.

“An unlimited delegation of tariff authority would........

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