Two of President Trump's key economic policies appear headed for the Supreme Court: high global tariffs and his unprecedented firing of a Federal Reserve board member.
Why it matters: These cases could not only have an enormous impact on the U.S. economy, but they could also reverberate throughout the global financial system.
Retailers are ramping up promotions for the Labor Day weekend, warning shoppers — some subtly, others bluntly — to "buy now before prices rise."
Why it matters: Global tariff rates are in flux after a court declared much of Trump's trade agenda to be illegal. Still, retailers' pre-tariff inventory is nearly depleted — and what hits shelves next will have already been subject to higher tariffs rates that companies are passing on to consumers.
As students head back to school, a five-year effort to replace diesel school buses with electric ones has hit two big speed bumps: a federal funding freeze, plus the collapse of a leading bus manufacturer.
Why it matters: There's still lots of enthusiasm for cleaner buses, advocates say, but some school districts are turning back to diesel because they didn't get the electric buses they were promised or can't get service on the ones they own.
Royal Caribbean's newest mega-ship, the Star of the Seas, is more than the world's largest cruise ship — it's a floating city where a flying DeLorean features in a full-scale Back to the Future musical.
Why it matters: The cruise industry is in an arms race of scale and destinations that shows no signs of letting up.
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.
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.
Inflation has firmed upin 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.
