What’s going on here?

An American federal court blocked the US president’s global tariffs – and the White House fought the ruling within minutes.

What does this mean?

The president’s unprecedented tariffs on nearly every single country were, it turns out, a bit much. Even worse: unlawful, according to the Court of International Trade. See, the president used the International Emergency Economic Powers Act – a 1977 law designed for national emergencies – to justify “Liberation Day” levies, rather than working them out with Congress. And according to the court, that bit of legislation doesn’t actually give him the legal authority to do so. The White House has filed an appeal, and a higher court may be more sympathetic to this administration. But for now, the government has ten days to halt the tariffs. Investors made their approval known: global stocks and metal prices both initially perked up after the news.

Why should I care?

Zooming in: Be more specific.

The government could keep hiking taxes on specific products… it just needs to find the right clauses in legal textbooks. Section 232, for example, lets the president restrict imports to protect national security – a narrative that’s already been applied to chips and pharmaceuticals. Section 301 allows a president to address unfair trade, while Section 122 is designed to target deficits and protect the US dollar. And according to Goldman Sachs, these options would be enough to make up most of the impact lost by this ruling.

The bigger picture: The president might need to go back to debate club...

According to the president, those emergency powers are quite useful when it comes to pressuring key trading partners toward more US-friendly deals. But this ruling essentially swipes that ace from his hand entirely. Plus, some countries may now hesitate to make concessions, wary of courts finding them to be unlawful down the road.

What’s going on here?

The US Labor Department relaxed its guidance on crypto investments in 401(k) retirement plans – so now, Americans can bet their later life on dogecoin in peace.

What does this mean?

For the last few years, employers have been advised to exercise “extreme care” before letting workers add crypto investments to their 401(k)s. But on Wednesday, the Labor Department withdrew that guidance – which might not come as a huge shock, given that the current administration is headed up by a president with his own meme coin. Stateside retirement funds currently hold a combined $12 trillion worth of assets. Even a small fraction of that pie could make a big difference, potentially boosting prices of digital assets and lifting shares in crypto-linked firms.

Why should I care?

For markets: Open the old, creaky floodgates… slowly.

Appetite for crypto from retirement funds – which tend to invest in more traditional assets for stability – could act as a nod of approval and attract other investors. That said, the funds are notoriously slow to build up positions, so don’t expect a sudden shopping spree. And remember, they’re dealing with folks’ retirements here. That means they’ll likely take any warning signs seriously and yank their investments out when things get rocky.

Zooming out: Confessions of a Cryptoholic.

Bitcoin’s price has picked up by over 40% since April – partly because businesses bought more of it. The number of listed firms holding the OG crypto has increased from 89 to 113 over the last few weeks, with their collective stash now worth $88 billion. Investors, in turn, bought into many of those companies, tempted by the prospect of a crypto-related play that isn’t solely influenced by the whims of the currencies themselves. GameStop joined the big-budget buyers on Wednesday, with a $500 million bitcoin purchase. But its stock slid 10% after the news, indicating that investors won’t automatically swoon over a company simply stockpiling the stuff.