It's too soon to know if a recent ruling by a U.S. appeals court will reduce the size and number of tariffs imposed by the Trump administration. The Court of International Trade ruled May 28 that many of the administration's tariffs — those imposed under the International Emergency Economic Powers Act — are improper and illegal because there is no emergency.

Federal court determined that President Trump doesn't have the authority to unilaterally impose tariffs, dealing a sweeping blow to his main weapon in his trade war.