Market Wire: Dollar Slump Continues As Appeals Court Temporarily Reinstates Trump Tariffs

A federal appeals court has temporarily paused implementation of last night’s ruling that voided President Trump’s most wide-ranging tariffs. The US Court of Appeals for the Federal Circuit issued an order this afternoon allowing the administration to keep levies in place until it can hear the Justice Department’s challenge to the lower-court decision, saying “The judgments and the permanent injunctions entered by the Court of International Trade in these cases are temporarily stayed until further notice while this court considers the motions papers”. The plaintiffs in the cases – businesses and state officials – must now prepare briefs by June 5 while the administration has until June 9.

The order, considered an "administrative stay," does not pass judgement on the merits of either case, but will, in effect, keep tariff collection efforts in place for now.

Markets had anticipated an appeal, and the dollar remains below pre-ruling levels as investors wager that the trade war will continue to weigh on the American economy.