Most of President Trump’s tariffs were halted late Wednesday by a U.S. trade court in a sharp rebuke of the president’s signature trade war policy.

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 U.S. trade court on Wednesday blocked President Donald Trump's "Liberation Day" tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.