Canada’s main stock index fell and U.S. markets rose Thursday as investors reacted to U.S. court decisions blocking — and then temporarily reinstating — many of President Donald Trump’s tariffs.
The U.S. Court of International Trade ruled on Wednesday that Trump does not have the authority to impose tariffs on nearly every country using the International Economic Emergency Powers Act. The decision blocked both the “Liberation Day” duties and the tariffs on Canada and Mexico purportedly tied to fentanyl, but not separate levies on Canadian steel, aluminum and automobiles.
On Thursday, a ruling from the United States Court of Appeals for the Federal Circuit temporarily reinstated the tariffs while it considers an appeal from the White House.
Market reaction to the earlier decision from the lower court had been relatively muted, likely because most stock valuations have already baked in positive tariff news, said Candice…
