President Donald Trump has said that if the U.S. is not allowed to implement tariffs, it "doesn't have, even a small chance, of economic survival."

Donald Trump was blocked by a federal court on Wednesday from imposing a sprawling set of import taxes on nearly every country. The ruling was in response to two separate lawsuits by businesses and state officials who accused the president of overstepping his authority to issue those tariffs,

The U.S. Court of International Trade on Wednesday struck down tariffs imposed on virtually every country by President Donald Trump, ruling that he exceeded the authority granted to him under the 1977 International Emergency Economic Powers Act.