A US federal court has blocked President Donald Trump's sweeping tariffs, in a major blow to a key component of his economic policies. The Court of International Trade ruled that an emergency law invoked by the White House did not give the president unilateral authority to impose tariffs on nearly every country.

President Trump rejected claims that he is backing down on tariffs in Oval Office comments Wednesday, when asked about a new saying from Wall Street analysts that “Trump always chickens out," or TACO for shorthand,

It’s called negotiation,” Trump said on Wednesday, adding that he intentionally would “set a number at a ridiculous high number” and then “go down a little bit” as part of talks. Trump was asked during an Oval Office event to respond to reports of a so-called “TACO” trade,