Twelve states sued the Trump administration Wednesday for “illegally imposing” tax hikes on Americans through tariffs.

A panel of judges at the U.S. Court of International Trade ruled not to issue a temporary restraining order against Trump’s tariffs, siding against a coalition of business groups who argued the tariffs should immediately be paused while the litigation gets underway.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.