A federal court ruled Wednesday that an emergency law does not provide President Trump with unilateral authority to impose tariffs on nearly every country, blocking a series of tariff announcements dating back to February that have rattled financial markets.

The three-judge panel on the U.S. Court of International Trade ruled Congress did not delegate “unbounded” tariff authority to the president in the International Emergency Economic Powers Act of 1977 (IEEPA), the linchpin of Trump’s legal defense. 

“An unlimited delegation of tariff authority would constitute an improper abdication of legislative power to another branch of government,” the court wrote in its unsigned opinion. 

“Regardless of whether the court views the President’s actions through the nondelegation doctrine, through the major questions doctrine, or simply with separation of powers in mind, any interpretation of IEEPA that delegates unlimited tariff authority is unconstitutional,” the opinion continued. 

"The IEEPA authorizes the president to impose necessary economic sanctions during an emergency to combat an “unusual and extraordinary threat.”

Trump has attempted to invoke the law to impose widespread tariffs by citing trade deficits and the threat posed by international drug cartels. 

Wednesday’s ruling blocks Trump’s April 2 “Liberation Day” tariffs and a series of orders dating back as early as Feb. 1,  when the president announced he was imposing tariffs on Canada, Mexico and China.

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