A federal court in New York handed President Donald Trump a big setback Wednesday, blocking his audacious plan to impose massive taxes on imports from almost every country in the world. A three-judge panel of the U.S. Court of International Trade ruled that Trump overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency and justify the sweeping tariffs. The tariffs overturned decades of U.S. trade policy, disrupted global commerce, rattled financial markets and raised the risk of higher prices and recession in the United States and around the world.