A federal appeals court has ruled against President Trump’s “Liberation Day” tariffs, dealing a legal blow to the administration’s sweeping IEEPA measures. The lawsuit, VOS Selections v. Trump, was filed by the Liberty Justice Center and the original plaintiff on behalf of five small US businesses.

APA Corporation experienced a decline in stock prices due to poor investor sentiment, despite a broader market recovery fueled by interest in AI-related sectors. The second quarter of 2025 was marked by extremes, including an initial market sell-off triggered by the “Liberation Day” tariff announcement.

In a decisive move, the Federal Trade Court has blocked the implementation of the ‘Liberation Day’ tariffs associated with former President Trump. The court emphasized that the Constitution grants Congress—not the executive branch—the exclusive power to impose taxes and duties.

U.S. Treasury Secretary Scott Bessent warned that steep ‘liberation day’ tariffs may soon return, potentially impacting America’s trading partners, while dismissing Moody’s recent credit rating downgrade.