There's a squat, boxy building in New York City, a relatively unimposing courthouse, tucked into lower Manhattan.

It's called the U.S. Court of International Trade. And you'd be forgiven if you've never heard of it.

Neither had our legal reporter, James Finnelli.

You know what? I had not heard of it until these tariffs and potential legal challenges to them started percolating.

A trade lawyer I spoke to about this court said that, you know, most people graduating law school had probably never heard of it.

The court is obscure, but when it comes to matters of trade, it's powerful.

This court has national jurisdiction.

So that means that, you know, it can hear cases all over the country involving any kind of trade dispute. And when they issue a

decision, it can affect everything. And this week, it did. Tonight, a three-judge panel

ruling that the emergency declared by President Trump to impose those sweeping tariffs, quote, exceeds any tariff authority delegated to the president.

One of those judges appointed by the president. The trade court ruling is a big deal. That's a big deal. If this ruling stands, then Trump will have to find a new way to impose tariffs.

He wouldn't be able to declare a national emergency

and then enact these broad levies around the world.

Welcome to The Journal, our show about money, business, and power.

I'm Annie Minoff.

It's Friday, May 30th.

Coming up on the show, how an obscure court upended Trump's trade agenda. Trade Agenda.

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