After court knocks down most of Donald Trump's tariffs, what happens now?

A federal court in New York handed US President Donald Trump a big setback on Thursday (AEST), blocking his audacious plan to impose massive taxes on imports from almost every country in the world. A three-judge panel of the US Court of International Trade ruled that Trump overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency and justify the sweeping tariffs. The tariffs overturned decades of US trade policy, disrupted global commerce, rattled financial markets and raised the risk of higher prices and recession in the United States and around the…