Luke Vargas

And that's it for What's News for this Friday morning. Today's show was produced by Kate Bullivant. Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend and thanks for listening.

And that's it for What's News for this Friday morning. Today's show was produced by Kate Bullivant. Our supervising producer was Daniel Bach. And I'm Luke Vargas for The Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend and thanks for listening.

A U.S. trade court strikes down President Trump's global tariffs. Plus, Elon Musk announces his looming exit from government. And NVIDIA's business booms, even as its CEO critiques U.S. efforts to shut China out of the global chips market.

A U.S. trade court strikes down President Trump's global tariffs. Plus, Elon Musk announces his looming exit from government. And NVIDIA's business booms, even as its CEO critiques U.S. efforts to shut China out of the global chips market.

It's Thursday, May 29th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. A US federal trade court has ruled that President Trump didn't have the authority to impose global tariffs, a decision that voids the levies that have sparked a sweeping trade war and threatened to upend the world economy.

It's Thursday, May 29th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. A US federal trade court has ruled that President Trump didn't have the authority to impose global tariffs, a decision that voids the levies that have sparked a sweeping trade war and threatened to upend the world economy.

The panel of judges from the Court of International Trade said the US trade deficit didn't fit the definition of an unusual and extraordinary threat, as defined in a 1977 law cited by Trump to underpin most of the tariffs, blocking what had been one of the administration's boldest assertions of executive power.

The panel of judges from the Court of International Trade said the US trade deficit didn't fit the definition of an unusual and extraordinary threat, as defined in a 1977 law cited by Trump to underpin most of the tariffs, blocking what had been one of the administration's boldest assertions of executive power.

To put this ruling into context and look at how global markets are reacting, I'm joined by Deputy Finance Editor Quentin Webb. Quinton, lawyers for the Trump administration have come out and said they will appeal this decision. And a White House spokesman said that, quote, it is not for unelected judges to decide how to properly address a national emergency, end quote. And yet they have done that.

To put this ruling into context and look at how global markets are reacting, I'm joined by Deputy Finance Editor Quentin Webb. Quinton, lawyers for the Trump administration have come out and said they will appeal this decision. And a White House spokesman said that, quote, it is not for unelected judges to decide how to properly address a national emergency, end quote. And yet they have done that.

Where does this ruling leave things?

Where does this ruling leave things?

And in terms of the market reaction we're seeing today, Quinton, you kind of alluded to that earlier, but it doesn't seem like we can say for sure that we are now in an all clear that the global trade war is fully off.

And in terms of the market reaction we're seeing today, Quinton, you kind of alluded to that earlier, but it doesn't seem like we can say for sure that we are now in an all clear that the global trade war is fully off.

That was Wall Street Journal Deputy Finance Editor Quinton Webb. Quinton, thanks as always for the update. Thanks so much. Elon Musk says his time in the Trump administration is coming to an end. Posting on X, he cited the looming expiration of his stint as a special government employee, a role limited to just 130 days and which would run out at the end of this month.

That was Wall Street Journal Deputy Finance Editor Quinton Webb. Quinton, thanks as always for the update. Thanks so much. Elon Musk says his time in the Trump administration is coming to an end. Posting on X, he cited the looming expiration of his stint as a special government employee, a role limited to just 130 days and which would run out at the end of this month.

A White House official said Musk's off-boarding started yesterday. and added that he hadn't been a regular presence in the West Wing in recent weeks. We exclusively report, however, that Musk had tried to influence U.S.-brokered deals as recently as this month. According to people familiar with the matter, Musk attempted to block an OpenAI-led deal to build a major AI data center in Dubai.

A White House official said Musk's off-boarding started yesterday. and added that he hadn't been a regular presence in the West Wing in recent weeks. We exclusively report, however, that Musk had tried to influence U.S.-brokered deals as recently as this month. According to people familiar with the matter, Musk attempted to block an OpenAI-led deal to build a major AI data center in Dubai.

unless it included his own startup, XAI. We report that he took that position after learning that OpenAI CEO Sam Altman would be joining President Trump's tour of the Gulf. After Musk's complaints, Trump and U.S. officials reviewed the deal terms and decided to move forward with the agreement, which involved OpenAI, Oracle, SoftBank, Nvidia, and Cisco.

unless it included his own startup, XAI. We report that he took that position after learning that OpenAI CEO Sam Altman would be joining President Trump's tour of the Gulf. After Musk's complaints, Trump and U.S. officials reviewed the deal terms and decided to move forward with the agreement, which involved OpenAI, Oracle, SoftBank, Nvidia, and Cisco.