What happens to Trump’s tariffs now that a federal appeals court has knocked them down?

The U.S. Court of Appeals for the Federal Circuit ruled that President Trump went too far when he declared national emergencies to justify imposing sweeping import taxes on almost every country on earth.

The ruling largely upheld a May decision by a specialized federal trade court in New York. But the 7-4 appeals court decision tossed out a part of that ruling striking down the tariffs immediately, allowing his administration time to appeal to the U.S. Supreme Court.

The ruling was a big setback for Trump, whose erratic trade policies have rocked financial markets, paralyzed businesses with uncertainty and raised fears of higher prices and slower economic growth.

The court’s decision centers on the tariffs Trump slapped in April on almost all U.S. trading partners and levies he imposed