<h1>Ruling says presidential emergency tariffs exceeded executive power but keeps tariffs temporarily while appeal proceeds</h1> A federal appeals court held that a presidential declaration of national emergency to impose broad, higher import tariffs exceeded executive authority, largely affirming a lower trade court's finding but reversing the immediate vacatur of the tariffs by allowing the administration time to seek Supreme Court review. The decision leaves the tariffs in place temporarily while preserving judicial limits on emergency trade powers, and may prompt expedited appellate review. The ruling intersects with ongoing US-China trade negotiations and has contributed to market volatility across global equity and commodity markets.