The trade court noted that Trump retains more limited power to impose tariffs to address trade deficits under another statute, the Trade Act of 1974. But that law restricts tariffs to 15% and only for 150 days with countries with which the United States runs big trade deficits.

The world buckled up for another roller-coaster ride of uncertainty this week as U.S. President Donald Trump's sweeping tariff agenda made its way through the courts.