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The New York-based U.S. Court of International Trade ruled against President Donald Trump's use of emergency powers to impose sweeping tariffs. The president argued that he could use his powers to bypass Congressional approval and impose the taxes himself.But on Wednesday, the court sided with a group of businesses in a lawsuit, stating that the president cannot use emergency powers to enact import taxes to balance U.S. trade deficits with other countries or for other reasons. Even if he did, the lawsuit said that trade deficits should not be considered an emergency because the U.S. has already run on deficits for decades.Since declaring his emergency tariffs, President Trump has changed rates and shifted on his economic policies to encourage countries to negotiate trade deals with the U.S. The back and forth on his tariffs led to at least one financial journalist and some in the investment community to coin the term "TACO," short for "Trump Always Chickens Out.""Chicken out? I've never heard that," Trump said in the Oval Office Wednesday. "Six months ago this country was stone-cold dead. We had a dead country. We had a country people didn't think was going to survive."However, the court did rule that the president can impose some tariffs for a limited amount of time �� just not to the extent of what he's currently doing. Most of the higher rates the president proposed in April are on hold until July. In the past week, he threatened 50% tariffs on the European Union and then delayed them. He lowered triple-digit tariffs on China to jumpstart trade talks. So far, the U.S. has only announced the outlines of a trade agreement with the United Kingdom, out of the hundreds of countries the U.S. has threatened with higher import taxes.Judges have given the White House 10 days to remove the tariffs, but the Trump administration has already challenged the ruling in an appeals court, which is expected to eventually reach the Supreme Court.