Wall Street pushed higher on Thursday as traders reacted to a court decision blocking most of US president Donald Trump’s tariffs. The FTSE 100 (^FTSE) and European stocks were muted on the day as the US Court of International Trade ruled that the Trump administration did not have authority to impose most of the levies announced.

A three-judge panel argued that the US president has exceeded his authority, left US trade policy dependent on his whims and unleashed economic chaos.

"The worldwide and retaliatory tariff orders exceed any authority granted to the president by IEEPA to regulate importation by means of tariffs," the court said.

"…The court does not pass upon the wisdom or likely effectiveness of the president’s use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it."

It gave the administration 10 days in order to “effectuate” the judgement, but a White House spokesperson told Reuters that it was “not for elected judges to decide how to properly address a national emergency”.

Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities, said: "The knee-jerk reaction for equities to rally and bond yields to back up on the tariff pause makes sense.

"However, with tariffs now in the appeal process and likely heading to the Supreme Court, uncertainty is back. Expect to see this lead to delays in investment and hiring. The pause also puts tariff revenue at risk which could bring deficit issues back on the radar."

Follow along for live updates throughout the day:

LIVE COVERAGE IS OVER 20 updates