Stock indexes surged early on Thursday after the U.S. Court of International Trade unanimously ruled that Trump didn’t have the authority to impose the sweeping tariffs.

A federal court in New York handed President Donald Trump a big setback Wednesday, blocking his audacious plan to impose massive taxes on imports from almost every country in the world.

The ruling -- which is sure to be challenged -- marks a significant setback to the Republican leader as he bids to redraw the United States' trading relationship with the world by forcing foreign gov...