The court said Mr. Trump's global 10% tariffs aren't authorized by IEEPA because they're designed to deal with trade imbalances between the U.S. and the rest of the world, which the judges said should fall under non-emergency legislation.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

"We haven’t heard directly from President Trump on the matter yet, so it’s unclear how the administration might respond going forward," one analyst notes.

Surprise court ruling striking down most of President Trump's tariffs on imports could bolster stocks, according to Wall Street analysts.