An appeals court has ruled that most of former President Trump’s tariffs are illegal, marking a significant blow to his trade policy. The court found that Trump overstepped his presidential powers and improperly utilized emergency authority to impose the tariffs. While this ruling invalidates a substantial portion of the tariffs, they will remain in place for the time being as appeals to the Supreme Court are anticipated. This decision has left US trading partners confused and raised questions about potential financial repercussions for the United States, including the possibility of having to refund a substantial amount of tariff revenues. Experts predict that this legal challenge could also disrupt the bond market, further complicating the economic landscape.