The NCLA ’s lawsuit, filed in Florida on April 3rd, does not quarrel with Mr Trump’s declaration of a national emergency concerning fentanyl. But it argues that the IEEPA “does not even mention tariffs” and notes that “no previous president” has turned to the statute to introduce tariffs in its nearly five-decade history.

Mega-cap tech stocks led the rout, with Apple posting its worst two-day drop since March 2020. Financial stocks also suffered steep losses.

The Trump administration imposed a 10% minimum tariff on all imports coming into the country and even higher tariffs on other top trading partners.

President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he is expected to announce Wednesday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.

Key Takeaways President Donald Trump's "reciprocal" tariffs push the effective U.S. tariff rate to its highest since 1909.The tariffs represent a rollback of the post-WWII economic global trade system,