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Also, Hurricane Katrina’s legacy. Here’s the latest at the end of Friday.

By Whet Moser

Breaking: A federal appeals court ruled just before we sent this newsletter that many of President Trump’s highest new tariffs are illegal. The decision could undercut his main source of leverage in an expanding global trade war.

The ruling affirmed a lower court’s finding that Trump does not possess unlimited power to impose taxes on U.S. imports. But its implementation was delayed until October, giving the administration time to appeal to the Supreme Court. The tariffs will stay in place in the meantime.