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Everything we know so far as federal court rules most of Donald Trump's tariffs are illegal.
President Trump's so-called reciprocal tariffs, which has been imposed on almost every US trading partner around the world, are being illegally imposed according to the US Court of Appeals as of Friday.
In April this year, the POTUS announced his hefty vision to rake in taxes from countries he deemed to have a history of 'unfair' trading policies with the US, which included a flat 10 percent 'baseline' rate on imports from countries across the globe.
The decision comes following a ruling in May from the Court of International Trade, which rejected Trump's claim that his tariffs were allowed under the International Emergency Economic Powers Act (IEEPA).
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Trump argued at the time that the alleged trade imbalance was harming US national security, posing a national emergency.
Although the appeals court said the move is illegal, it did not put a halt to the tariffs and said they would remain in place until October 14, after which point they would no longer be enforceable.
Another challenge through the US Supreme Court could then take place.
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It ins 7-4 decision, the appellate court supported a lower court's ruling that Trump lacked the authority to impose global tariffs.
Judges found the IEEPA that Trump used to try to justify the move did not have 'the power to impose tariffs, duties, or the like, or the power to tax.'
According to the BBC, the IEEPA allows a US president the authority to respond to a national emergency or a major threat from overseas.
The 1977 law stipulates a president can pull a number of economic levers to 'deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy or economy.'
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The law has been used by former Presidents Barack Obama and Joe Biden who invoked it to impose sanctions on Russia following its illegal annexation of Crimea in 2014 and again when it invaded Ukraine.
However, the appeals court said the emergency law does not give the POTUS 'wide-ranging authority to impose tariffs' since the IEEPA 'neither mentions tariffs (or any of its synonyms) nor has procedural safeguards that contain clear limits on the president's power to impose tariffs.'
Taking to his Truth Social account after the appeals court rejected his argument, Trump blasted the court as 'highly partisan' and the ruling a 'disaster' for the US.
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"If allowed to stand, this Decision would literally destroy the United States of America," he wrote.
Now, it's likely the case will likely go to the Supreme Court, as indicated by Trump himself on social media as he wrote: "Tariffs were allowed to be used against us by our uncaring and unwise Politicians.
"Now, with the help of the United States Supreme Court, we will use them to the benefit of our Nation, and Make America Rich, Strong, and Powerful Again!"
Trump may be anticipating a victory with the court, since it has a conservative majority with six of nine justices being appointed by Republican presidents.
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Still, if the Supreme Court affirms the decision to appeal, it could trigger even further uncertainty and turmoil in the financial markets.
It could also pose some questions on whether the US will have to fork out billions of dollars that have been and are currently being collected through import taxes on products, as well as what the future holds for some trading partners like the UK, Japan and South Korea after they agreed to a deal before the August deadline.