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Photo: Chip Somodevilla/Getty Images

The Second Circuit Court of Appeals granted President Trump an emergency stay Monday after the president lost a key court ruling over his tax returns, reports Bloomberg.

The state of play: A New York federal judge ruled earlier in the day that Manhattan's district attorney could subpoena 8 years of the president's personal and corporate tax returns from his longtime accounting firm, Mazars USA.

  • The Second Circuit's stay means that those documents will not have to be immediately handed over, pending an "expedited review" by a court panel.
  • The case involves an untested legal argument from Trump's lawyers, which posited that the Constitution protects presidents from criminal investigations while in office.

The big picture, via Axios' Zach Basu: Manhattan District Attorney Cyrus Vance's office subpoenaed Trump's tax returns last month as part of its investigation into hush money payments made to Stormy Daniels during the 2016 election.

  • A federal investigation into the payments resulted in Trump's former personal lawyer Michael Cohen pleading guilty to campaign finance violations, and it "effectively concluded" in July with no further charges.
  • Vance's office opened a new investigation last month into whether the Trump Organization falsely listed its reimbursement of Cohen for the $130,000 payment to Daniels as a legal expense, which would be illegal under New York law.

Worth noting: This is at least the third time Trump has sued to block the release of his tax returns. Earlier this year, the president filed a lawsuit against House Democrats and the state of New York over a law that would permit tax officials to turn over Trump's state tax returns.

Go deeper

Dave Lawler, author of World
31 mins ago - World

Globetrotting climate envoy Kerry makes Biden team’s first visit to China

Illustration: Aïda Amer/Axios

John Kerry became the first senior Biden administration official to touch down in China this week. He's also been the first to sit down with a string of world leaders.

Why it matters: Kerry may no longer be secretary of state, but you'd be forgiven for thinking otherwise after a glance at his calendar. The unusual role could make Kerry a foreign policy force multiplier for President Biden, or potentially a source of mixed messages.

Chicago releases video of fatal police shooting of 13-year-old boy

A small memorial is seen on April 15 in Chicago where 13-year-old Adam Toledo was shot and killed by a police officer in March. Photo: Kamil Krzaczynski/Getty Images

Chicago's independent police review board on Thursday released the body camera footage of an officer's fatal shooting of 13-year-old Adam Toledo on March 29.

The big picture: Tension continues to rise nationwide in response to police misconduct and racism. Thursday's footage release comes days after officer Kim Potter fatally shot Daunte Wright in a traffic stop near Minneapolis, where the trial of Derek Chauvin, a former police officer accused of murdering George Floyd, is ongoing.