<h1>Ruling finds President exceeded statutory authority for broad tariffs; measures remain, fueling market uncertainty, higher yields, equity pressure</h1> A federal appeals court ruled that the President exceeded statutory authority in unilaterally imposing broad tariffs, though the tariffs remain in effect pending further proceedings; the decision has heightened market uncertainty and raised questions about executive trade powers. Rising long-term Treasury yields, partly attributed to concerns over central bank independence and potential fiscal strain from reduced tariff revenues, pressured equity valuations-especially large technology firms-and influenced investor expectations for imminent interest-rate cuts. Corporate earnings warnings and restructurings added volatility, while safe-haven assets rallied as global growth and policy risks intensified.