A U.S. trade court strikes down President Trump's global tariffs.
Plus, Elon Musk announces his looming exit from government.
And NVIDIA's business booms,
even as its CEO critiques U.S. efforts to shut China out of the global chips market.
Shielding Chinese chipmakers from U.S. competition only strengthens them abroad and weakens America's position.
It's Thursday, May 29th.
I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
A U.S. federal trade court has ruled that President Trump didn't have the authority to impose global tariffs,
a decision that voids the levies that have sparked a sweeping trade war and threatened to upend the world economy.
The panel of judges from the Court of International Trade said the U.S. trade deficit didn't fit the definition of an unusual and extraordinary threat,
as defined in a 1977 law cited by Trump to underpin most of the tariffs,
blocking what had been one of the administration's boldest assertions of executive power.
To put this ruling into context and look at how global markets are reacting,
I'm joined by Deputy Finance Editor Quentin Webb.
Quinton, lawyers for the Trump administration have come out and said they will appeal this decision.
And a White House spokesman said that, quote,
it is not for unelected judges to decide how to properly address a national emergency, end quote.
And yet they have done that.
Where does this ruling leave things?