Stock indexes surged early on Thursday after the U.S. Court of International Trade unanimously ruled that Trump didn’t have the authority to impose the sweeping tariffs.

President Trump's 'Liberation Day' marks a pivotal shift in U.S. trade policy with a 10% tariff on imports, excluding Canada and Mexico. This move aims to rejuvenate American industry but raises concerns about inflation and international trade tensions.

The U.S. Court of International Trade on Wednesday struck down tariffs imposed on virtually every country by President Donald Trump, ruling that he exceeded the authority granted to him under the 1977 International Emergency Economic Powers Act.