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.

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,

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.