April's "Liberation Day" was about President Trump trying to impose a new global trade system. Thursday's tariff orders were effectively a reset to create a somewhat more practical regime. Why it matters: Trump scrapped most of the highest levies,

Meanwhile, in Texas, local leaders face tough questions about their response to the deadly July 4 flood in Hill Country. A tense meeting in Kerr County revealed new details, and one surprising admission that's sparking even more anger.

An appeals court in Washington considered President Donald Trump's sweeping tariff plan, which comes into force Aug. 1 and has sparked consternation from small businesses.