Ed Kalengi

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I'm Ed Kalengi.

This is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Ed Kalengi.

Most of President Trump's global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them.

But the judges let the levy stay in place while sending the case back to a lower court for further proceedings.

The U.S.

Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs.

But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case.

Friday's ruling extends the suspense over whether Trump's tariffs will ultimately stand.

The case had been expected to next go to the Supreme Court for a final decision.

Earlier, Treasury Secretary Scott Besant warned of dangerous diplomatic embarrassment if the tariffs were ruled illegal and after the ruling, President Trump posted on Truth Social saying it would be a total disaster if the tariffs went away.

Spirit Aviation Holdings filed for bankruptcy for the second time in less than one year after its cash-strapped airline failed to turn around its business.

The parent of Spirit Airlines filed petitions for Chapter 11 in U.S.

Bankruptcy Court for the Southern District of New York.

The filing comes amid active negotiations with some of its largest lessors, secured note holders, and key stakeholders.

Shares of Spirit fell 51 percent in post-market trading Friday to 60 cents as of 4.20 p.m.

in New York.

Questions about whether President Trump had cause to try to push out Federal Reserve Governor Lisa Cook dominated the court hearing Friday as a judge weighs whether he had proper reasons to order her removal from the U.S.