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.
COVID vaccines are no longer available at CVS stores in three states and available only with an authorized prescriber's prescription in 13 states and the District of Columbia, CVS told Axios on Friday.
Why it matters: Following Health and Human Services Secretary Robert F. Kennedy Jr.'s major curtailing of COVID vaccine eligibility on Wednesday, many Americans are left confused about whether and how they'll be able to get shots amid a surging "stratus" variant.
Republican Sen. Joni Ernst plans to announce next week that she won't seek a third term in Iowa next year, according to people familiar with her plans.
Why it matters: While incumbent departures are always risky for the party, Ernst's retirement gives Republicans an opportunity to unite behind a candidate that can motivate the MAGA base in a state where the GOP will be defending three swing districts next November.
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.
Texas Gov. Greg Abbott on Friday signed off on a new congressional map intended to flip five Democratic seats into Republican hands in next year's midterm elections.
Why it matters: The outcome was expected, but it came after weeks of partisan drama: Texas House Democrats left the state, delaying a vote on the maps, and Republicans blocked a planned Democratic filibuster in the Senate.
President Trump's plan to cancel $4.9 billion in congressional-approved foreign aid is aggravating members of both parties, complicating next month's scramble to avoid a government shutdown.
Why it matters: The White House is looking for another fight over spending. Democratic leaders want to show their voters they aren't afraid to join it.
The big picture: Fletcher Merkel, 8, and Harper Moyski, 10, were killed when a shooter opened fire Wednesday at Annunciation Catholic School during Mass. Also injured were 18 other worshippers.
Silicon Valley investor and entrepreneur Jim O'Neill, who has also advocated for unproven COVID treatments, will lead the Centers for Disease Control and Prevention.
Why it matters: O'Neill, who is not a physician, is an ally of Health Secretary Robert F. Kennedy Jr. and could help him enact the Make America Health Again agenda.
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.
Home utility bills are poised for a high profile in the battle to control Congress — but turning energy costs into political gain is easier said than done.
Why it matters: Democrats see an opening to transform power prices into political baggage for Republicans in the 2026 midterm elections.
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.
The U.S. has never been closer to armed conflict with Venezuela, with a fully loaded U.S. flotilla sitting off its coast and dictator Nicolás Maduro living under a $50 million bounty.
The intrigue: Even close Trump advisers aren't entirely sure whether the gunboat diplomacy is a drug trafficking operation with undertones of regime change, or a Caracas coup operation masquerading as drug enforcement.
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.
Electricity prices are surging across the country as a perfect storm of aging equipment and AI demand slams the nation's grid.
Why it matters: Paying more to keep air conditioners, laptops and other electronics running is straining household budgets as Americans deal with other rising costs.
Saudi Arabia can face a civil lawsuit that alleges the kingdom helped the 9/11 hijackers, a federal judge ruled Thursday.
Why it matters: Those impacted by the September 11, 2001, terrorist attacks have spent over 20 years in court seeking to hold accountable the kingdom, which denies any wrongdoing in the massacres.
Jim O'Neill, the deputy secretary of Health and Human Services, has been picked to lead the Centers for Disease Control and Prevention as acting director, the Washington Post first reported and Axios can confirm.
Why it matters: O'Neill's appointment could pave the way for Health Secretary Robert F. Kennedy Jr. to set his agenda at the CDC after a tumultuous week at the federal agency.
Three senior CDC officials who resigned from their positions during a tumultuous week at the health agency were cheered by staff and supporters after being escorted out of the global headquarters in Atlanta on Thursday.
The big picture: Dozens of staff members and leaders at the CDC staged a walkout Thursday in response to the shake-up that saw the Trump administration oust CDC director Susan Monarez, who refused to quit, and the resignation of former officials Demetre Daskalakis, Debra Houry and Daniel Jernigan.
