BREAKING: Appeals court reinstates Trump tariffs

According to CNBC, a federal appeals court granted the Trump administration's request to temporarily stop the blocking of the tariffs from the lower court. This comes after the Trump administration was asked whether Trump would pursue other avenues to implement the tariffs.

After being asked if the administration is looking into other ways to implement the tariffs, White House Press Secretary Karoline Leavitt said, "The President's trade policy will continue. We will comply with the court orders, but yes, the President has other legal authorities where he can implement tariffs."

"However, it does not dispute the fact that the President was right to declare a national emergency when it came to fentanyl and when also when it came to our crippling deficits and the lack of critical supply chains here at home, that is the reasoning for the President's tariffs," Leavitt added earlier on Thursday. The Trump administration earlier told the federal appeals court that it would seek "emergency relief" as soon as Friday from the Supreme Court of the United States if the ruling was not paused.

Trump launched the tariffs under the International Emergency Economic Powers Act of 1977, which allows for the executive branch to implement such trade policies during emergencies. However, on Wednesday, a three judge panel at the US Court of International Trade wrote in an opinion after companies in New York sued over the tariffs, "The question ... is whether the International Emergency Economic Powers Act of 1977 ('IEEPA') delegates these powers to the President in the form of authority to impose unlimited tariffs on goods from nearly every country in the world. The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder."

After the Trump administration appealed the court order for a stay on the block to the tariffs, a federal appeals court stated in its ruling, “The request for an immediate administrative stay is granted to the extent that the judgments and the permanent injunctions entered by the Court of International Trade in these cases are temporarily stayed until further notice while this court considers the motions papers.”