Axios

A federal appellate court on Friday upheld a lower-court ruling that invalidated most of President Trump's global tariffs,

The big picture: The ruling could complicate Trump's efforts to change the global trade order, cutting off a major source of cash for the government and leaving businesses struggling for answers.

Most of President Trump's global tariffs were implemented illegally, a federal appeals court ruled.

Why it matters: The tariffs were poised to have a huge impact on the global economy. Here's what investors need to know about potential sector winners and losers in the stock market.

A federal appellate court on Friday upheld a lower-court ruling invalidating the bulk of President Trump's sweeping global tariffs.

Why it matters: The ruling could quickly upend the global trade order Trump has built, cutting off a major new source of cash for the government and raising huge questions about what businesses are supposed to do next.

President Trump on Friday warned a ruling striking down most of his tariffs "would literally destroy the United States of America" if it stands.

Why it matters: Trump is putting the highest stakes possible on his trade program, which has re-ordered global commerce while bringing in what's expected to be $500 billion or more a year in revenue.

Spirit Airlines filed for Chapter 11 bankruptcy protection for the second time in less than a year, aiming to stay in business despite myriad business challenges that made it difficult for the company to compete.

Why it matters; The ultra-low-cost carrier has been grappling with underwhelming demand, excess capacity and too much debt.

President Trump wants to cancel roughly $5 billion in foreign aid through a process known as a pocket rescission, the White House budget office confirmed to Axios on Friday.

Why it matters: The government's internal watchdog reiterated this month that pocket rescissions are illegal because they undermine Congress' power of the purse, further eroding the systems of checks and balances that govern American democracy.

President Trump is pioneering a bespoke form of populism — championing workers against corporate elites on the one hand, and protecting big business on the other.

Why it matters: The unorthodox blend works for Trump and his deeply loyal MAGA base. But it leaves no clear blueprint for the movement's next leader, who will almost certainly lack his gravitational pull.

PepsiCo. on Friday announced plans to invest $585 million to increase its stake in energy drink maker Celsius to around 11%.

The big picture: Soda sales still dwarf energy drink sales, but the latter category keeps making major inroads among younger consumers.

Federal Reserve governor Lisa Cook finished a whirlwind week with uncertainty over her job status as one of the nation's top economic policymakers.

Why it matters: A federal court is expected to rule soon on whether Cook can keep her job as a historic legal battle runs its course, but the first hearing ended on Friday with no clear decision on the matter.

San Diego Padres owner Peter Seidler died in late 2023, and since then, his widow and brothers have been locked in a legal battle for club control.

Behind the scenes: There's also an escalating dispute over economics at his eponymous private equity firm.

Inflation has firmed up in the last few months, and economic activity held up. The Federal Reserve looks to be about to cut interest rates anyway.

Why it matters: The case for easier money rests on the need to look through that inflation as a one-time jolt — and to assess that there is an underlying softness to consumer activity.

An indicator closely watched by the Federal Reserve showed mixed progress on inflation in July: overall numbers held steady, but a key gauge heated up for the fourth straight month.

Why it matters: Economists are watching closely for more signs that President Trump's trade war is raising prices for consumers and reigniting the nation's inflation problem.

President Trump has revoked former Vice President Kamala Harris' Secret Service protection, a senior White House official confirmed to Axios Friday.

Why it matters: Harris joins a slew of Trump adversaries whom have seen the president abruptly end their security details amid a volatile political climate.

Top Senate Democrats on Thursday demanded that Republicans postpone a confirmation hearing for a key Federal Reserve nominee, arguing President Trump is making an "unprecedented attempt to undermine" the independence of the board.

Why it matters: The move shows just how agitated Democrats are over Trump's firing of Federal Reserve governor Lisa Cook — an unprecedented move to curb the central bank's independence.

Nvidia's otherwise stellar earnings were clouded by one thing: export controls, which were overturned only after the company agreed to give a 15% cut of China chip sales back to Uncle Sam.

Why it matters: It's the latest example of President Trump inserting himself into the private sector as chairman of all boards, regardless of the impact that has on free markets.

Nvidia closed the door on the Magnificent 7's earnings season with a whimper. But the results in total left investors overly bullish.

Why it matters: Nvidia's earnings results may not have been good enough for its own shareholders. But billions of dollars in AI spending commitments will be enough to sustain the broader tech rally, strategists say.

Tariffs on small packages from around the world went into effect early Friday morning, with the end of the "de minimis" exemption on postal shipments to the U.S. worth less than $800.

Why it matters: Dozens of national postal services have stopped shipping to the U.S. altogether, because they say the government's new trade regime is simply too hard to decipher or implement.