A federal appeals court has temporarily reinstated President Trump's sweeping global tariffs, including the "Liberation Day" 10% baseline tariff and additional duties on China, Mexico, and Canada, while it considers the administration's appeal against a lower court ruling that deemed them unlawful.

The U.S. Court of International Trade had previously ruled that Trump overstepped his authority under the International Emergency Economic Powers Act (IEEPA) by imposing these tariffs without congressional approval. However, the appeals court's decision to stay the lower court's ruling means the tariffs remain in effect for now.

This development introduces renewed uncertainty for businesses and markets, as the future of these tariffs hangs in the balance. The White House has expressed confidence that the Supreme Court will ultimately uphold the tariffs.