US financial markets and cryptocurrencies moved higher after the Supreme Court struck down former President Donald Trump’s sweeping global tariffs, removing a major source of economic uncertainty.

The court ruled that Trump exceeded his authority by using emergency powers to impose broad tariffs without approval from Congress. The decision limits the president’s ability to reshape trade policy unilaterally and restores Congress as the primary authority over tariffs.

The ruling immediately reshapes the balance of power in US economic policymaking.

The tariffs, imposed under emergency authority, had targeted imports from multiple countries and generated billions in revenue.

Businesses and trade groups challenged the…