Appeals court stays ruling that blocked Trump's tariffs

Catch up quick: The Court of International Trade ruled May 28 that Trump didn't have the authority under the International Emergency Economic Powers Act to impose broad reciprocal tariffs, and ordered that the IEEPA levies be lifted.

• A day later, the U.S. Court of Appeals for the Federal Circuit issued a temporary pause of that ruling while it considered motions to issue a longer-term stay.

Driving the news: The appellate court issued that stay Tuesday night, and ordered both sides to prepare for oral arguments on July 31.

Zoom out: The new stay means Trump's 10% global baseline tariff, plus additional levies on China and other nations, will remain in place pending further litigation.

• Some of those levies were paused in early April, but that's due to expire in early July, meaning they would go back into effect before the court hearing.

The intrigue: The stay came down just minutes after U.S. trade negotiators in London said they'd reached a "framework" with China to fully implement a deal struck last month in Geneva.

• That deal, in theory, would loosen up the flow of rare earth minerals from China, which has become perhaps the biggest sticking point in the relationship between the world's two largest economies.

Editor's note: This is a developing story. Please check back for updates.