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Also, Hurricane Katrina’s legacy. Here’s the latest at the end of Friday.
Aug. 29, 2025, 6:36 p.m. ET
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Appeals court: Many Trump tariffs are illegal
Breaking: A federal appeals court ruled just before we sent this newsletter that many of President Trump’s highest new tariffs are illegal. The decision could undercut his main source of leverage in an expanding global trade war.
The ruling affirmed a lower court’s finding that Trump does not possess unlimited power to impose taxes on U.S. imports. But its implementation was delayed until October, giving the administration time to appeal to the Supreme Court. The tariffs will stay in place in the meantime.
At the heart of the fight is how Trump can use a decades-old economic emergency law. Without it, the White House could still impose tariffs on other countries’ goods, but they would be limited in scope and duration.
The ruling would affect the steep tariffs Trump has ordered for China, Canada, Mexico and some other countries. But it doesn’t apply to the specific rates that he has placed on foreign vehicles, steel and other goods. Those levies were imposed under a different law.
Related: At a hearing earlier in the day, Justice Department lawyers asserted expansive powers as they urged a judge to reject a request from Lisa Cook, the Fed governor Trump is trying to fire, to remain in her job.
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