2026-05-08
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Another legal setback for President Trump's tariffs,
plus a populist surge in Britain as Nigel Farage's Reform UK storms to a major win in local elections.
What we're seeing here is a clear anti-incumbency shift, whether you're in the US or Europe.
If you're in power, you're unpopular.
People feel that they are not as well off as they once were.
And that is a problem that takes a lot of time and is very difficult to fix.
And why some writers are ditching the perfectionism and polish honed over their careers.
It's Friday, May 8th.
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.
Federal Trade Court has invalidated President Trump's 10% global tariffs,
which he 'd imposed after his broader tariff strategy was struck down by the Supreme Court in February.
In a two-to-one ruling, the Court of International Trade said that Trump failed to meet the criteria for imposing the 10%
levies under powers meant to address persistent trade imbalances.
Journal Legal Affairs reporter Lydia Wheeler said the ruling's immediate impact could be limited,
as Trump had already been planning to replace the time-limited tariffs in July.
Thursday's ruling on the Section 122 tariffs is significant,
but it 's important to note here that importers are n't going to get immediate relief from this decision.