Here’s what you need to know about the court decision to throw out many of the Trump administration’s tariffs.

Investors worldwide woke up on Thursday to news that the U.S. Court of International Trade had ruled that U.S. President Donald Trump exceeded his authority with many of the tariffs announced since January.

The term TACO, which means Trump Always Chickens Out, was coined by Financial Times columnist Robert Armstrong.

Peterson Institute Senior Fellow Olivier Blanchard speaks to Bloomberg TV's David Ingles on the uncertainty in the market as Donald Trump's global tariffs are deemed illegal by a US trade court.

The Federal Reserve kept interest rates unchanged in early May as officials weigh inflation and unemployment risks tied to Trump's tariffs and trade uncertainty.

The S&P 500 will finish the year near current levels, according to a Reuters poll, after many strategists in recent months cut their 2025 forecast for the index over uncertainty surrounding U.S. President Donald Trump's tariffs.

As tariffs act as a de facto tax on imports, they directly increase the cost of goods. Many companies, particularly those in retail with thin profit margins, have stated they cannot fully absorb these increased costs.

At the halfway mark of Trump’s 90-day tariff pause, stalled talks and global unpreparedness raise concerns for trade and U.S. importers.