Judges question legal rationale for Trump tariffs

Appellate court judges are expressing skepticism over President Donald Trump’s legal rationale for his broadest batch of tariffs. An 11-judge panel of the U.S. Court of Appeals for the Federal Circuit repeatedly questioned the administration’s use of the International Emergency Economic Powers Act to justify its so-called “Liberation Day” round of tariffs in April.

The Trump administration contends the U.S. trade deficit qualifies as a national emergency under the

1977 law. An attorney for the administration acknowledged no president has used the law in the same way but contended it was nonetheless lawful.

Apple delivers surprisingly strong 2Q

Apple shook off a thicket of tariffs and a botched entry into artificial intelligence to accelerate its revenue growth during its springtime quarter, but the trendsetting company still faces a bumpy road ahead that could lead to higher iPhone prices. The April-June results released Thursday came against a backdrop of adversity that has been raising worries about the trajectory of a longtime tech kingpin.

Despite the doubts, Apple remains a moneymaking machine. The company’s profit and revenue growth from a year ago both easily exceeded analyst projections, boosted by a 13% increase in iPhone sales. The performance boosted Apple’s slumping stock by about 3% in extended trading.

Amazon reports

solid 2Q results

Amazon posted higher fiscal second-quarter profit and sales than the year-ago period, underscoring the online giant’s resilience despite tariff uncertainty. Still, its shares fell nearly 7% in after-market trading as the company’s estimates for operating income for the current quarter were below analysts’ views. The company reported 17.5% growth for its prominent cloud computing arm Amazon Web Services.

The results come even as uncertainty about President Donald Trump’s tariffs have challenged companies and consumers. But Amazon and other large retailers have tried to beat the clock by bringing in foreign goods before Trump’s tariffs took effect.

Key US inflation gauge rose last month

The Federal Reserve’s preferred inflation gauge ticked higher last month in a sign that President Donald Trump’s broad-based tariffs are starting to lift prices for many goods. Prices rose 2.6% in June compared with a year ago, the Commerce Department said Thursday, up from an annual pace of 2.4% in May.

Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. The figures are above the Fed’s 2% goal.

China summons Nvidia over risks in H20 chips

China’s cyberspace regulators have summoned Nvidia over security concerns about its H20 chips. They claim the chips can be tracked and turned off remotely. The meeting took place on Thursday, with regulators demanding explanations and materials from Nvidia. This comes two weeks after the U.S. lifted a block on the chips, allowing Nvidia to resume sales in China.

The situation highlights ongoing tech tensions between the U.S. and China. Concerns over chip tracking and security have been raised by both Chinese regulators and U.S. lawmakers. The sale of advanced chips to China remains banned by the U.S.