Trump Tariffs Appeal Heads to Supreme Court

European stocks opened higher on Thursday as investors weighed the impact of US President Donald Trump's trade tariffs. The Stoxx 600 index rose 0.1% before falling flat. Travel stocks declined 1.3%, while technology shares rose 0.3%. Traders are monitoring Trump's tariffs after a federal appeals court deemed most of them illegal. The US Supreme Court is expected to hear Trump's appeal in early November. The ADP private payrolls report and jobless claims data are due on Thursday, ahead of Friday's jobs report, which will influence the near-term stock market outlook. Asia-Pacific markets mostly rose overnight following a tech rally on Wall Street.

The Trump administration has asked the Supreme Court to reverse a lower court's ruling that found most of President Donald Trump's tariffs to be an illegal use of an emergency powers law. The administration argues that the president has the power to impose sweeping import taxes under federal law. The case is expected to put a centerpiece of the president's trade policy before the justices. The U.S. Court of Appeals for the Federal Circuit had ruled 7-4 that the 1977 International Emergency Economic Powers Act did not give Trump the authority to impose tariffs. The decision has significant implications for the economy and global markets.

The US government has appealed to the Supreme Court to overturn a federal appeal court ruling that deemed President Donald Trump's use of emergency executive powers to impose tariffs unlawful. The appeal court argued that the power to impose tariffs lies primarily with Congress, as outlined in the US Constitution. The Trump administration claims that the case 'addresses the validity' of the government's 'most significant economic and foreign-policy initiative' and that denying tariff authority would expose the nation to trade retaliation without effective defenses.