A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country. The interruption was short-lived after a federal appeals court granted the Trump administration’s request to temporarily pause a lower-court ruling.

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Kent Beadle of Paradigm Futures says, unlike the financial markets, the ag futures did not see the positive reaction to the ITC court ruling declaring the “Independence Day” tariffs as illegal.

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Darin Newsom, Barchart, says the financial markets have reacted positively to the International Trade Commission’s court ruling against the Trump tariffs, declaring them unlawful. However, the ag markets are disregarding the news.